Hampshire Chamber of Commerce has revealed a comprehensive ‘blueprint for action’ to unlock vital business investment to accelerate the green energy transition.
Against a backdrop of geopolitical instability and inflationary pressures, the Chamber warns that economic growth will stall without urgent fiscal intervention to guarantee energy security and sustainability.
The county’s independent ‘voice of business’ wants the government and the forthcoming Mayoral authority to engage with firms to bridge the ‘energy gap’, the potentially critical shortfall between generation capacity and consumption.
As a first step, the Chamber wants the Chancellor to use the imminent 28 October Budget to introduce targeted fiscal measures that provide the capacity, confidence and resilience businesses need to invest in sustainable technologies.
Ross McNally, Hampshire Chamber Chief Executive and Executive Chairman, said:
“To accelerate the green transition, the Chancellor should introduce enhanced capital allowances and tax incentives for businesses investing in renewable energy, grid innovation and carbon-reduction technologies."
“To bridge the energy infrastructure gap, he should allocate dedicated capital funding to upgrade our regional grid infrastructure. This would ensure our core, nationally critical industry sectors such as maritime, defence, clean tech and advanced manufacturing have the power capacity required to expand."
“At the same time, he should publish a national energy plan, a clear, long-term roadmap that explicitly identifies regional energy gaps and outlines practical steps for businesses to adopt green practices."
“The key is to de-risk sustainability investments. That means providing immediate grant funding and technical support partnerships that will help small and medium-sized enterprises (SMEs) transition to net-zero."
“To streamline local delivery in our region, he should equip the shadow Hampshire and the Solent Combined County Authority with the framework to pioneer deliverable green schemes, allowing the incoming Mayor to champion them immediately upon election. He should also consider granting the Mayor the statutory powers to mandate higher water and energy efficiency standards for new developments. This would improve water resilience, lower future domestic and commercial energy bills and cut carbon emissions simultaneously."
“Our businesses are keen and ready to invest, but our region needs the energy capacity to enable them to do so. As we continue the green transition, we need to ensure Hampshire can support our core industries and related supply chains which are so vital to our future prosperity and must be kept sustainable."
“Government must give Hampshire businesses the confidence to invest and create jobs. At the same time, our incoming strategic authority must be handed the powers and partnerships necessary to turn investment in green technologies into actual, sustained economic growth.”
Ross added that Hampshire Chamber is preparing a policy paper with strategic partners to help shape the relationship between the business community and the incoming strategic authority, with energy security and sustainability already identified as two of its core themes.
