The Treasury Committee has launched an inquiry into the decarbonisation of the UK economy and green finance. The Committee will scrutinise the role of HM Treasury, regulators and financial services firms in supporting the Government’s climate change commitments. It will also examine the economic potential of decarbonisation for the UK economy in terms of job creation and growth. This inquiry will cover: The economic opportunity that decarbonisation presents for the UK, and the potential of the green finance sector; HMT’s strategy in facilitating clean growth and its response to the CCC’s net-zero recommendations; The role of the Spending Review in facilitating net-zero; The role that financial services firms are currently playing in financing the transition; The ‘green’ financial product landscape and their associated regulatory environment.
Parliament 4th June 2019 read more »
Why don’t the trade unions join the climate strikes? TRADE unions are gradually moving towards accepting that steps need to be taken to address the issues of climate change and debating what a “just transition” from a high-carbon to a low-carbon economy will look like. And left politicians are now considering whether a green new deal is a realistic, and vote-winning, project.
Morning Star 4th June 2019 read more »
Nicky Morgan MP: While decarbonisation presents significant challenges, including how to change certain environmentally unfriendly behaviours which seem ingrained in our society, there is also an economic opportunity. From job creation, to regional infrastructure investment, to improved air quality there are numerous benefits that a greener economy could bring to the UK. The Treasury committee will examine how HM Treasury is attempting to harness this opportunity. We’ll look at whether its current strategy for decarbonisation is fit for purpose, how it works with other departments and what role the next spending review, whenever it may be, should play in achieving the government’s decarbonisation targets. But the government can’t do this alone. The UK’s world-leading financial services sector has a pivotal role to play. It’s been reported that 15 per cent of the world’s greenhouse gas emissions are funded by firms in the City of London, so changes here could have real global consequences.
Times 5th June 2019 read more »
Jeremy Leggett: The UN’s Sustainable Development Goals (SDG) are nearly four years old, and 10.5 years remain before the 2030 target for eradicating poverty via sustainable development. Of the 17 SDGs, SDG7 – affordable and clean energy for all by 2030 – ought to be one of the easiest to hit. But a recent summary of progress involving the pooled efforts of the International Energy Agency (IEA), International Renewable Energy Agency (IRENA), the World Bank and the World Health Organisation shows that we are already well behind the pace. There are four sub-targets in SDG7: universal access to electricity, universal access to clean fuels and technologies for cooking, a substantial increase in the share of renewable energy in the global energy mix, and a doubling of energy efficiency. Let me consider each in turn, and then discuss how to fix the shortfall in progress.
Business Green 5th June 2019 read more »