As the US marks the first anniversary of its Inflation Reduction Act, it’s hard not to worry about Britain’s economic prospects and its net zero credentials given the paucity of progress when it comes to green investment.

Britain is at risk of becoming stuck in a time warp, continually having the same arguments while the rest of the world steals a march on net zero and the economic opportunities that presents.

It’s not just the US. Across the Channel the EU has responded with its own Green Deal Industrial Plan.

While over here we have the Tory Government looking to weaponise the future of our planet as part of an electoral strategy designed to tap into the disaffection over schemes such as Ultra Low Emission Zones (Ulez).

Recently Prime Minister Rishi Sunak even gave the greenlight to over a hundred new oil and gas licences. PIC: Danny Lawson/PA Wire

Recently Prime Minister Rishi Sunak even gave the greenlight to over a hundred new oil and gas licences, which would put Britain on a course diametrically opposed to other economies.

It’s important to win the confidence of businesses as countries strive for net zero. And that is why the think tank IPPR’s new report calling for a National Investment Fund to boost investment in green technology is noteworthy.

As the think tank says, a new, green industrial strategy is needed, with the government setting a clear direction for investment that will deliver prosperity, levelling up, reduced emissions and restoration of nature. There are already signs that the UK is falling behind in the race to achieve net zero and it could risk being left in the starting blocks for good unless the Government takes bold action.

Politicians of all stripes need to remember that they have a duty of care to the people and in turn the planet. That is why, rather than electioneering, they should treat net zero as an issue that transcends party lines.

Britain risks falling behind in the race to net zero and the economic opportunities around it - The Yorkshire Post says