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Tory party sets out £30bn private investment plan for green growth and economic recovery

The Conservative Party today recommended measures that the government could introduce in the 2009 to unleash £30bn of private sector investment that it claims would stimulate competitive and low carbon economic recovery.

Criticising the government for falling short in today’s announcement to boost electric car sales, shadow chancellor George Osborne and shadow energy and climate change secretary Greg Clark laid out the Tory Party’s suggestions.

Included in the Tory proposals are incentives for a national network of electric car charging points and a smart grid to manage the increased demand for electricity that will result from higher take-up of electric cars.

“Government policies mean Britain is poorly prepared to take advantage of a market that is predicted to be worth hundreds of billions of pounds in the years ahead,” said Osborne. “Instead of leading the world on green technology, Britain is trailing far behind.”

The Tory party has urged the government to adopt the following ten green technology policies:

  1. A £6,500 energy efficiency entitlement for every home in Britain, with the cost being repaid through savings in fuel bills, delivering immediate reductions in gas and electricity bills of around £160 per year for families across the country.
  2. Fund at least three carbon capture and storage (CCS) projects by using part of its receipts from the EU Emissions trading Scheme to fund the installation of CCS equipment and pipeline networks for at least 5GW of new coal-fired power plant.
  3. Smart meters - bring forward roll out of new technology smart meters into every home to give homes and businesses more control over their energy consumption and help reduce bills.
  4. Bring forward the introduction of feed in tariffs for renewable electricity and heat, as proposed by Conservatives and as already legislated for in the Energy Act.
  5. Create a national recharging network for electric vehicles, introducing incentives for energy companies to invest ahead of need and establish a new recharging network across the UK.
  6. Begin work on a new high speed rail network adopting Conservative plans for to build a new high speed rail network, initially between London, Birmingham, Manchester and Leeds - with the private sector finance making a contribution towards the cost of the project.
  7. Invest in creating an electricity internet through the introduction of a smart grid, allowing demand and supply to be intelligently managed and paving the way for large-scale use of renewable energy sources.
  8. Provide government loan guarantees to companies investing in green technologies and create the world’s first environmental trading market. The Government should also work with the London Stock Exchange to launch the world’s first Green Environmental Market (GEM) to provide the next generation of British environmental companies with the investment they need to expand and succeed in the global market.
  9. Create a network of large scale marine energy parks around Britain’s shoreline to accelerate the development of new wind wave and tidal technologies.
  10. Build an offshore Direct Current cable network by requiring the National Grid to construct a new network of under-sea Direct Current cables, which will run like bootlaces down each side of the British coastline, allowing offshore renewable developments to access the electricity grid. This will reduce one of the primary cost raising risks for offshore wind and marine power.

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