Labour has said it will follow the lead of US president Joe Biden and use the climate crisis as the catalyst for economic revival.
Shadow chancellor Rachel Reeves said this weekend that Labour’s proposed national wealth fund, which will be endowed with an initial £8bn from the state but will then pull in private investment, will be given a specific remit to focus on green industrial revival in deprived areas.
She said it will be given regional targets to create hundreds of thousands of jobs outside London and the South East.
Labour has already committed to investing £28bn a year – or £224bn over its first eight years in government – on climate measures.
Reeves is planning to meet key architects of Biden’s Inflation Reduction Act during a visit to the US in May.
