World Construction Network

Daily Newsletter

11 August 2023

Daily Newsletter

National Highways has announced a £103m ($131m) investment in road renewals and improvements across the South West region of England, UK.

The funds will be spent during the current financial year on resurfacing roads, upgrading motorway safety barriers, enhancing signage and drainage, as well as renewing traffic light systems in the region.

The capital budget for renewals encompasses 75 projects across the region and spans 794 carriageway miles across the areas of Cornwall, Devon, Dorset, Gloucestershire, Somerset, South Gloucestershire, and Wiltshire. A few of these projects are already in progress.

UK Roads and Local Transport Minister Richard Holden said: “Over the next year, the South West will see over £100m for maintaining, repairing, and improving its roads.

“This substantial investment will ensure communities from Cornwall to Wiltshire are better connected as we grow the economy, and drivers enjoy safe and reliable journeys.”

In the past year, National Highways has carried out several projects in the region.

The developments include installing six new bridge expansion joints, 138 new LED lighting heads, and 78,533 road studs, as well as resurfacing 217 lane miles; renewing 25 miles of safety barrier; laying 28,500 tonnes of resurfacing material, and improving 7.2 miles of drainage to reduce carriageway flooding.

Aside from this, approximately £5.5m will be allocated to environmental and biodiversity projects and amenities for the benefit of cyclists, horse riders, and walkers in the area.

ESG 2.0 marks a shift towards stricter environmental rules

ESG is moving into a different era, which we call ESG 2.0. While ESG 1.0 was driven by voluntary corporate action, spurred by pressure from activist consumers and investors, ESG 2.0 is being driven by a new wave of government policies. The EU has taken the regulatory lead, with rules introduced or in the pipeline that will price emissions, regulate the use of the terms ‘ESG’ and ‘sustainability’ in marketing materials, and make ESG reporting mandatory. The US has taken a different approach, favoring less regulation and more financial support in the form of tax breaks for clean industry (renewables plus nuclear and hydrogen). China is planning to expand its emissions trading system to more sectors, decarbonize its heavy industry, and ramp up its use of renewables. The new policy direction is mainly motivated by the ambition to hit net zero emissions targets. But on top of this, governments are now competing for clean industry and trying to challenge China’s leadership on the production of the world’s green technologies such as solar panels and batteries, as well as the production and refinement of materials needed for energy transition such as lithium. These driving forces are leading to policy that will impact every sector, not just heavy industry, and will keep ESG near the top of the regulatory agenda over the longer term.