Today, the Labour Party has announced a £3bn plan for a ten year investment in green steel. The commitment would include delivering a long-term plan to achieve near zero emission steel production by 2035, with a Labour government match-funding projects for the development of clean steelmaking. It would also meet up to half the cost of helping industry roll out capital investment in new steel processing equipment.
Roy Rickhuss CBE, General Secretary of Community, says:
The announcement from the Labour Party today on a commitment to investing in Britain’s steel industry is incredibly welcome news, and one that will be well-received in steel communities across the country.
Rebuilding our economy is going to require millions of tonnes of high-quality British-made steel because if we’re serious about reducing global emissions it is nonsensical to continue importing dirty steels from the other side of the world. Steel sections produced within the U.K. result in 50% less CO2 emitted than steel sections sourced from the EU.
The green industries of the future like offshore wind and electric vehicles, will all require a reliable source of domestically produced steel. Net-zero means we need to grow Britain’s steel industry, not shrink it, and in doing so create new jobs and opportunities in parts of the country that most need them.
We are very pleased to see Ed Miliband pledging that the future Labour government is fully committed to our steel industry, and recognises the vital role that green steel plays in tackling the climate crisis and rebuilding the country after the pandemic.
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