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Highlights
- Chancellor Rishi Sunak unveiled several green economy packages in the Autumn budget, including commitments to the offshore wind sector, EV makers, public transport and other areas.
- Sunak also maintained a freeze on fuel duty due to an ongoing fuel supply shortage facing the country, which has driven petrol prices to record highs.
The chancellor of the exchequer, Rishi Sunak, delivered the 2021 Autumn Budget today which was a mixed bag for the UK’s green economy.
The chancellor committed a total of £30 billion to UK’s green industrial revolution, of which £380 million will be directed towards the UK's offshore wind sector. And, £6.1 billion of the £30 billion will be earmarked for the Transport Decarbonisation Plan in order to increase zero-emission vehicles in the UK.
Also, £817 million of a £1.4 billion grant scheme will be offered to electric vehicles manufacturers based in the Midlands and the North East of England.
The Budget’s green economy package comes just days after the UK’s Net Zero Strategy saw a £26 billion capital investment in the sector.
Some other related budget announcements by Mr. Sunak included the recently launched green savings retail bond, green tax breaks in the shipping industry, amongst others.
At the same time, Sunak also confirmed that fuel duty would remain on hold for the 12th year in a row. The move comes after a major fuel supply shortage gripped the UK, which had also caused panic hoarding and chaos at fuel stations. The government also reiterated its intention to end red diesel duty in the next year.
Moreover, the Budget also did not include any mention of some other key green initiatives relating to a carbon tax, polluter pays principle, green homes grant replacement, among others.
In view of this, let us take a closer look at 2 FTSE AIM All-Share index listed clean energy stocks:
- Powerhouse Energy Group PLC (LON: PHE)
Powerhouse Energy Group is a company that converts plastics and waste into clean energy.
The company recently entered into a collaboration agreement with HU2021 International UK Ltd, a subsidiary of Hydrogen Utopia International, a firm focused on converting waste to energy in Poland and EU.
The agreement will allow PHE to deploy its hydrogen to waste DMG technology outside of the UK.
(Image source: EODHD/Others)
Powerhouse Energy Group’s shares were trading at GBX 4.13, up by 1.10 per cent on 27 October at 14:58 hrs BST, while the FTSE AIM All-Share index was trading at 1,229.93, down by 0.28 per cent.
The group’s market cap stands at £161.18 million, and its one-year return is at 59.08 per cent as of Wednesday.
- EQTEC PLC (LON: EQT )
EQTEC is a bioscience energy company. It recently made an additional investment of about US$ 2.8 million in the North Fork project in California, USA, which will increase its stake holding to 49 per cent in the North Fork project.
The company has also provided a US$ 4.5 million convertible loan facility to help with the project development funding. The company’s investment highlights its commitment to preventing forest fires in California and supporting clean energy production.
(Image source: EODHD/Others)
Image description: EQT share price and volume
EQTEC’s shares were trading at GBX 1.15, up by 0.88 per cent on 27 October at 15:08 hrs BST.
The group’s market cap stands at £97.62 million, and its one-year return is at 120.85 per cent as of Wednesday.
