The Conservatives have today launched two independent reports outlining our proposals to create green technology incubators across the country and establish the world’s first trading market for environmental companies.
The reports, put together by two independent working groups commissioned by the Shadow Chancellor George Osborne, are designed to address Britain’s failure to capitalise on the multi-billion pound global market for green technologies.
Green technology incubators would provide support and funding to help new green start-ups get off the ground. The recommendations in the report include:
-
A new stream of matched funding for incubators, so that every £150,000 of private investment receives up to £600,000 of additional public sector funding
-
Action to provide free or heavily subsidised access to facilities where companies can test their product prototypes
-
A broader definition of green technology incubators, so that any company that delivers an environmental benefit is eligible
A Green Environmental Market (GEM) would then provide companies at the next stage of their development access to the investment they need to expand and flourish. Our report recommends:
-
The creation of a new Low Carbon Index that spans the FTSE and AIM, and could later include other exchanges that emerge in the City of London
-
Companies from a wide range of carbon reduction sectors, including renewable energy, waste reduction and fuel cell technologies, would be eligible to join
-
This would be a truly global market, with companies incorporated anywhere in the world would be eligible to join this Index
The two working groups have submitted their independent reports to the Conservative Party as part of a formal public consultation process. After this consultation process, which will be open until August 2009, we will bring forward fully-funded policies to make Britain a world leader in green technologies.
Launching the reports, David Cameron said, “For over ten years the market for green goods has expanded, and for over ten years this Labour Government has stood idly by. The proposals we are outlining today provide a roadmap of how Britain can be the world leader in green goods, services and companies.”
Read our report on green technology incubators
Read our report on the Green Environmental Market