The UK and US must develop a greener special relationship.
The United Kingdom and the United States have a remarkable opportunity to collaborate in developing and expanding the hydrogen economy. With both nations recognising the immense potential of hydrogen as a clean and versatile energy carrier, joint efforts can accelerate its adoption and pave the way for a sustainable future. By sharing expertise, investing in research and development, and fostering cross-border partnerships, the UK and the US can drive innovation, create jobs, and establish themselves as leaders in the burgeoning hydrogen sector.
It was with this in mind that Rishi Sunak embarked on his visit to Washington DC last week to engage in discussions with President Biden.
As both leaders convened in Washington DC, they recognised the significance of addressing the pressing issue of climate change and sought to forge an agreement on this paramount challenge. The United Kingdom and the United States have exemplified their commitment to global leadership in climate action. The UK, as a trailblazer among G7 nations, set a historic precedent by enshrining its commitment to achieving net-zero carbon dioxide emissions into law. Notably, the UK has successfully managed to halve its emissions while concurrently fostering economic growth.
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On the other hand, the United States has laid out its own ambitious agenda to combat climate change, primarily through the Inflation Reduction Act. This forward-looking legislation outlines substantial investments in cutting-edge climate technologies, signifying the nation’s determination to address the climate crisis head-on.
The United States alone does not possess enough jobs, skills, capabilities, and capacity at the required scale to fully capitalise on the opportunities that the $370 billion Inflation Reduction Act will create. By engaging with international partners, synergistic benefits can be unlocked, combining expertise, resources, and innovation from around the world to achieve greater collective impact.
By converging their efforts and collaborating closely on climate-related initiatives, both nations aim to amplify their impact and inspire other countries to adopt sustainable practices. Through joint endeavours, such as research and development partnerships, renewable energy projects, and policy coordination, the UK and the US endeavour to lead the global charge towards a more sustainable future. Recognising that climate change knows no borders, both leaders are aware of the need for international cooperation and to actively engage with other nations to tackle this shared challenge comprehensively.
Moreover, the UK and the US recognise that climate action presents immense opportunities for economic growth and technological advancement. By investing in green industries and innovation, both nations aim to not only mitigate the effects of climate change but also create new jobs and bolster their economies. Their commitment to sustainable development exemplifies their understanding that tackling climate change is not just an environmental imperative but also an economic and social imperative.
In forging an agreement on climate action, these leaders envision a future where the UK and the US collaborate closely, leveraging their strengths and expertise to drive transformative change on a global scale. By nurturing their partnership and building on their shared commitment to combating climate change, they aspire to be catalysts for a more sustainable and resilient world, leaving a positive legacy for generations to come.
The impact of the Inflation Reduction Act on climate technology and innovation cannot be understated. Detractors who argue that this act, with its substantial $370 billion commitment to investing in the necessary technologies for achieving net-zero emissions, is protectionist or will fuel a race to the bottom in subsidies fail to recognise the transformative global potential that this stimulus package presents.
Given the magnitude of the investment, future international partnerships will be essential, opening avenues for collaboration and generating new opportunities within global supply chains. The truth is that the United States alone does not possess enough jobs, skills, capabilities, and capacity at the required scale to fully capitalise on the opportunities that the Act will create. By engaging with international partners, synergistic benefits can be unlocked, combining expertise, resources, and innovation from around the world to achieve greater collective impact.
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The notion that the Inflation Reduction Act will foster protectionism overlooks the interconnectedness of today’s global economy. Instead of retreating into isolationism it recognises the boundaryless nature of climate challenges and the importance of collaboration to address them effectively. By encouraging international cooperation, the Act will spur the development of advanced technologies, encourage knowledge sharing, and promote sustainable practices across countries.
The United Kingdom and the United States have exemplified their commitment to global leadership in climate action. The UK, as a trailblazer among G7 nations, set a historic precedent by enshrining its commitment to achieving net-zero carbon dioxide emissions into law, and has successfully managed to halve its emissions.
It is imperative here in the UK that we prioritise the spirit of shared partnership as we respond to the Inflation Reduction Act, setting the stage for collaborative efforts in building the climate industries of tomorrow. By positioning the UK as the preferred international supply chain partner for the US, we can forge a new and dynamic special relationship.
The Mission Zero review, a comprehensive 340-page document published in January, highlights how achieving net zero emissions can unlock significant economic growth opportunities. By prioritising a green industrial strategy and committing to necessary policies and investments, the UK has the potential to attract up to £1 trillion in private inward investment and capital by 2030.
Net zero presents a shared opportunity to establish international partnerships and supply chains that reduce costs, create green jobs, and tackle the climate crisis. We cannot afford to duplicate successes or repeat failures. Collaboration is essential for finding efficient and effective solutions to protect our economies and environment.
The prime minister’s meeting with the president provided an ideal platform to seize these collaborative opportunities and cultivate a green special relationship that will benefit both nations.
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