It’s the future of the planet, stupid.

Why Labour’s ditching of its £28bn green infrastructure pledge is bad for the economy and the UK’s leadership on net zero.

Perhaps it was foolish to commit to £28bn a year for green infrastructure so far out from a likely election. After all, with so many moving parts (the state of the economy, the cost of labour, what inflation is doing to supply chain costs) was it ever really possible to be sure that £28bn was the quantum of investment required?

 But Labour’s confirmation of the ditching of the pledge to spend £28bn per year in green infrastructure £28bn per year by the middle of the next Parliament feels like a huge step backwards for the UK’s net zero ambitions and our ability to provide international leadership on the most critical issue of a generation.

While the Greens are being politically incoherent, torn between a progressive agenda in the cities and conservative NIMBYism in the shires; Labour has been flying the flag for a green recovery after the economic turmoil which began with Covid and accelerated under the disastrous Truss premiership.

Whether it was £28bn or a fraction of that, what Labour’s commitment signalled was a belief that a green economy could be at the heart of true levelling-up and that social justice and sustainability are inextricably linked.

While Labour will still claim the latter is the case, that the Green Prosperity Plan remains, this u-turn will have inevitably damaged trust amongst businesses investing in decarbonisation and amongst the UK’s pioneering net zero industry. Oh, and voters.

Speaking to clients in green businesses over the last few days, there is a real sense of frustration and gloom about what this may do for their ability to leverage investment, and their ability to deliver against their own purpose.

Labour needs demonstrate fiscal responsibility but it also needs to be inspiring and stand for a transformative vision for the country. Not least for young people who are watching and will never forgive us if we don’t act.

The fact is, the future of the planet needs a solution that requires leadership beyond the parameters of general election cycles.

It’s hard to see a future Labour Government delivering hard fought COP progress in either Baku or Brazil, when it won’t back its own climate pledges. 

Lifelong, tribal Labour I may be, but I’m with John McTernan on this. It’s the most stupid decision the party has made.