Hampshire Chamber calls for urgent green energy investment

The Chamber has unveiled a “blueprint for action” to accelerate the green energy transition and unlock vital business investment.

It has warned that without urgent fiscal intervention, growth will stall, putting energy security and sustainability at risk.

Ross McNally, chief executive and executive chairman of Hampshire Chamber. (Image: Hampshire Chamber/Deep South Media)

Ross McNally, chief executive and executive chairman of Hampshire Chamber, 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."

The chamber is calling on the government and the forthcoming mayoral authority to work with businesses to address the “energy gap” between generation capacity and consumption.

It wants the Chancellor to use the upcoming Budget on Wednesday, October 28 to introduce targeted fiscal measures that will boost business investment in sustainable technologies.

Mr McNally said the Chancellor should also publish a national energy plan that identifies regional energy gaps and provides a clear, long-term roadmap for businesses to adopt greener practices.

He said: "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."

Mr McNally said the shadow Hampshire and the Solent Combined County Authority should be given the tools to deliver green schemes, enabling the incoming mayor to take action immediately after election.

He also called for the mayor to be given statutory powers to mandate higher water and energy efficiency standards for new developments.

Mr McNally said: "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."

Hampshire Chamber is preparing a policy paper with strategic partners to help shape the relationship between the business community and the incoming strategic authority.

Energy security and sustainability have already been identified as two of its core themes.