CSR: Low Carbon manufacturing boosted with Green Bank
The £1bn capital funding pledged through the Green Investment Bank will benefit firms in the West Midlands working in the sustainable energy and low carbon sectors.
Mr Osborne announced that the annual budget for the Department of Energy and Climate Change would be £3.1bn. This represents a 5% annual budget cut but £200m is pledged for wind power development.
Funding is being set aside for infrastructure development to meet the needs of offshore wind turbine manufacturers looking to locate new facilities in the UK.
Hundreds of new jobs are coming to Teesside after a mammoth, multi-million-pound offshore factory was confirmed for Teesworks.
Global pipe manufacturer SeAH Wind Ltd confirmed a 90-acre monopile manufacturing facility, costing upwards of £300m, would create 750 direct jobs.
There will be a further 1,500 roles in the supply chain and during construction. One up and running it will be the world’s largest monopile plant for offshore wind turbines.
Suppliers that successfully establish their environmental impacts through accurate measurement are proven to be equipped to set ambitious, timebound goals to reduce them. It is therefore concerning that in 2021 – two years into the Decade of Action – only 2.5% of reporting suppliers have approved science-based targets.
CDP’s latest supply chain report finds that more than half of suppliers (56%) did not have any climate targets at all. Additionally, only 28% of companies reported having a low-carbon transition plan in place to meet their climate goals.
The number of suppliers setting any climate targets increased on average 5% per year. By extrapolating this trend to the 56% of suppliers that do not have any climate targets, CDP found that at the current pace, at least another decade is required to ensure that all suppliers reporting in 2021 set any climate target, let alone a science-based target.