Think Tank Brands Labour’s £28 Billion Green Pledge as ‘Fantasy’ Amid Timeline Confusion

Labour warned that a ’misallocation' of capital could lead to damaging growth, after Labour laid out its net-zero plan to create a state-owned energy company.

Labour leader Sir Keir Starmer and shadow chancellor Rachel Reeves during a visit to the London Stock Exchange Group on Sept. 22, 2023. Stefan Rousseau/PA

A think tank has branded Labour’s pledge to spend £28 billion a year on green policies as “fantasy” plans, while comments from the shadow chancellor have caused confusion over the exact timeline of the pledge.

Labour’s original “climate investment pledge,” announced by shadow chancellor Rachel Reeves during Labour’s autumn conference, claimed that Labour would oversee investment of £28 billion on green proposals each year, every year until 2030.