In the run up to the United Nations Climate Change Conference due to be hosted in Glasgow this year, government has published a ten-point green plan to confront the climate crisis. The £12bn blueprint for a “green industrial revolution” comprises of advancing off shore wind energy and stimulating green finance, as well as creating 250,000 jobs in the process.
The journey towards building a carbon neutral society will bring an end to the widespread use of combustion engines by 2030, using £3000 grants to entice Brits into purchasing electric cars. The government will fund 75% of the cost for installing electric vehicle charge points at all domestic properties through the Electric Vehicle Homecharge scheme. The 10-point plan also emphasises a move towards making transport a daily choice for users as new and efficient transport links are developed.
Wind energy is due a huge expansion with the proposal to quadruple offshore wind power, a central part in Britain’s mission to “build back better” following the turbulence of the coronavirus crisis. This will see the wind energy industry produce 40gw of energy by 2030, having grown from 1gw to 10gw in the last decade. There is no shortage of investment for offshore wind energy but Britain’s ability to fulfil this ambition will depend on the continuing decrease of building costs as well as the government’s ability to grant seabed licenses.
Houses are also due an upgrade with one billion to be spent on insulating homes and public buildings. The government are also following advice from the Committee for Climate Change which encouraged the need for commercial investment into producing hydrogen. The process which splits water particles with electricity, will be used to produce hydrogen that can replace gas, with a view to heating an entire town with this green method by the end of the decade.
Other strategies include making London “the global centre of green finance” after slipping behind Amsterdam and Zurich in the table for having the most sustainable investments and products. Support for greener energy in the aviation and maritime sectors will come in the form of £20m, and £200m will go towards carbon capture initiatives alongside the proposal to plant 30,000 hectares of trees every year.
Representatives of The Green Alliance, Renewable UK and many other organisations have welcomed the ambition of the plan, particularly its focus on wind energy. Though, some have argued it is underfunded. One Oxford-based consultancy, Aurora Energy Research, has suggested it would cost £50bn to fund offshore wind energy alone , while Labour’s business shadow secretary has proposed an equivalent green plan costing £30bn. The UK, however, remains one of the global leaders in the charge towards carbon neutrality.
Companies across the UK that are working to curb climate change, may be eligible to claim part of their Research and Development spend under HMRC’s R&D Tax Credit Scheme. These companies may be able to claim up to 33% of qualifying expenditure under this scheme. Specialist R&D Tax Consultants exist in order to provide guidance and assistance to these companies, who may be new to the scheme or may not be optimising the amount that they may be entitled to claim back. These companies will either charge a company a fixed fee in order to do the consulting work for a business or charge a success fee on the money that is returned once the claim has been approved by the Government.
Walmer Group is one such specialist consultancy that exists to help sustainable businesses in maximising their claim from HMRC and works purely off a success fee from grant money that has been approved and returned under the scheme. There are many advantages that exist for Founders and Entrepreneurs under this model, but the main one is that it frees up resources and time that can otherwise be spent in scaling and raising additional finance for their business’ growth.
Please get in touch for a complementary consultation on what your company might be eligible for on firstname.lastname@example.org.
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