Carry out competitiveness analysis for clean technologies setting out the UK's export and import strategies and where it intends to develop leadership - and utilises this to clarify for investors and industry the UK's current green industrial policy. |
136. Countries around the world are setting net-zero industrial strategies to create jobs and investment from the drive to net zero. This Review heard that the UK does not have a clearly communicated cross-cutting net zero industrial policy, and now is the moment to set this out.
"The drive towards net zero, both for the UK as well as for the development of cleantech exports, could be the ideal moment to write one (green industrial policy), to holistically bring it all together under one NetZero Industry policy: electricity, nuclear, hydrogen, infrastructure (electricity grids, energy storage, hydrogen refuelling, sustainable fuels" - Johnson Matthey133
137. The UK has several strengths in clean technologies such as tidal, offshore wind, nuclear and CCUS. The UK is also heavily specialised in services including green finance which presents a clear opportunity. However, there is currently no defined comparison of the UK's comparative advantages and where it wishes to develop domestic capabilities for supply of domestic demand, additional capabilities for export, or areas it wishes to import across various net-zero sectors. The UK's previous industrial strategy was welcomed by industry though some have said they are unsure if it is still active industrial policy.
138. A clearly articulated industrial policy will support the UK to position itself as a dominant player in emerging technologies to enable the transition to net zero, expand UK international collaboration and partnerships, and create supply chains and skills pipelines. A green industrial strategy, in parallel with the Government's financing strategy and the Net Zero Delivery Agency has the potential to accelerate progress and unblock barriers to the UK's critical priorities.
139. Therefore, this Review recommends the UK carries out competitiveness analysis for clean technologies. This should set out the UK's export and import strategies and where it intends to develop leadership, and utilise this to clarify for investors and industry the UK's current green industrial policy.