UK reveals US$13.3b of inward investment in green push

Prime Minister Boris Johnson seeks to cut carbon emissions.

LONDON: The U.K. announced 9.7 billion pounds ($13.3 billion) of inward investment deals focused on green growth, a boost for Prime Minister Boris Johnson as he seeks to cut carbon emissions.

The projects will create an estimated 30,000 new jobs in Britain and the investors include Spanish utility Iberdrola SA and U.S. real estate firm Prologis Inc., 10 Downing Street said in a statement. Johnson is hosting an investment summit in London Tuesday, where as many as 200 CEOs and investors are expected to gather.

"The world’s top investors have seen the massive potential in the U.K. for growth,” Johnson said in the statement. "This is just the start.”

The U.K. government is eager to build momentum for its green agenda ahead of Britain hosting the COP26 summit next month. Johnson has regularly stressed the importance of private-sector spending and innovation in fighting climate change.

Of the investment deals announced, Iberdrola said it plans to invest 6 billion pounds in an offshore wind development off East Anglia, which will be its biggest globally. Prologis said it intends to invest 1.5 billion pounds in the U.K. over the next three years, developing net-zero carbon warehouses. - Bloomberg

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