Queen’s Green Summit will bring billions to UK
The Queen and senior royals will roll out the red carpet for global business leaders this week in an unprecedented attempt to secure foreign investment in Britain.
The ministers hope Her Majesty’s presence will help secure a series of massive deals at the World Investment Summit – and overshadow a similar event hosted by France.
As the rally takes place, billions of pounds of green energy investment are expected to be announced to show Britain’s determination to reach net zero carbon by now 2050.
In the pink: Ministers hope Her Majesty’s presence will help strike massive deal at World Investment Summit
The summit at the Science Museum in central London will host more than 200 business titans, including Jamie Dimon, the head of JPMorgan considered the world’s most powerful banker, and Larry Fink, chairman of the $ 9 trillion fund manager. dollars (£ 6.6 trillion) BlackRock, Microsoft founder Bill Gates and CEO of Goldman Sachs David Solomon. Prime Minister Boris Johnson will address the guests and nearly half of the Cabinet will be on the charm offensive.
Those at the summit will then be taken to Windsor Castle with a procession escort for a gala dinner hosted by the Queen, which is expected to highlight the importance of tackling climate change.
The Queen’s involvement is seen as a historic moment in the use of the Royals to attract international investment. She will be accompanied by the Prince of Wales, the Duke of Cambridge, the Duke and Duchess of Gloucester and Prince Michael of Kent. It is unusual for the Queen and the direct line to the throne to all attend functions.
The event rivals a foreign investment summit hosted by French President Emmanuel Macron. A City source said: “Macron was ahead of the UK on this point – but the Queen is our trump card, it is the overbidding of textbooks.”
NatWest chief Alison Rose said the Queen’s appearance will add weight to the event. “She is a great ambassador for the country and a respected person around the world – she is definitely a strength,” she said.
The Queen noted last week that she was irritated by people “talking” but “not doing” ahead of the UN climate change summit COP26. She will attend COP26 in Glasgow next month with other Royals. Speakers at this week’s summit include GlaxoSmithKline CEO Emma Walmsley, Barclays boss Jes Staley and business secretary Kwasi Kwarteng.
The Department of Health understands that the summit will serve as a backdrop for several important milestones in developing the UK’s nuclear power capabilities, including funding for mini nuclear reactors run by Rolls-Royce.
The government is also expected to trigger the start of the legislative process to enable regulated asset base (RAB) funding for nuclear power plants. This will reduce the risk of financing large projects for investors and is part of the options for financing the Sizewell C project in Suffolk.
This would pave the way for the government to block the China General Nuclear Power Group project and seek investment from pension funds instead. Industry insiders are hoping to see the release of the government document on the Net Zero Strategy, which was due to be released before COP26.
Last week the government defended the £ 5.8 billion foreign investment in green projects obtained since the Prime Minister’s ten point plan for a green industrial revolution was launched last year. Significant foreign investors are expected to attend the summit, including Abu Dhabi’s $ 243 billion sovereign wealth fund Mubadala. As part of a five-year deal reached in March, the Abu Dhabi state fund has already agreed to inject £ 800million into the UK’s life sciences sector, along with similar sums into technology. , green energy and infrastructure.
Amanda Blanc, chief executive of insurance giant Aviva, who is also attending, said: “There are mundane meetings and then there are really big summits. This week will fall into the second category, bringing together investors and policy makers to ensure the UK is one of the most attractive and green investment destinations in the world. ‘
Blanc called on the government to “mandate climate transition plans,” forcing companies to present their plan to decarbonize investments by the end of 2023. Aviva is among the signatories of a letter urging Kwarteng and Chancellor Rishi Sunak to force corporate giants to disclose detailed plans to achieve net zero carbon.
Staley said the UK had “decisive competitive advantages”, including “world-class” research facilities. The Barclays boss added: “Building on and leveraging these strengths will be key to attracting investment and creating jobs and prosperity across the country.”
The government is expected to confirm that £ 210million funding has been released to fund the early stages of Britain’s SMR mini nuclear power plant construction project after £ 300million in matching funding was raised by investors private.
Rolls-Royce chief Warren East will discuss the project at the summit. It was led by Rolls-Royce through a consortium that included Atkins and Laing O’Rourke. The project will be renamed Rolls-Royce SMR to emphasize the respected brand.
However, it emerged that the leaders were planning to carry out tests in northern Italy. The SIET Plaisance Institute has been pre-selected as a test site. UK options include the M-SParc Science Park in Anglesey, North Wales.
An industry source said: “Having this facility based in the UK would ensure that Britain remains at the forefront of nuclear technology.”
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