The government must work with the banking sector to coordinate action to support a ‘just transition’ to a low-carbon economy in the wake of the coronavirus pandemic, according to a new report published today, which urges Ministers to establish a UK-wide national investment bank to support the shift. Researchers from Leeds University and the Grantham Institute at the London School of Economics (LSE) analysed a range of social risks associated with the transition to a net zero emission economy. Titled Financing climate action with positive social impact, the report focuses on the jobs and skills mix in several key cities and regions, including Bristol, Cardiff, Cornwall, Birmingham, Edinburgh and Leeds. Its conclusions highlight an urgent to need to recognise the social dimension of climate action, particularly in terms of new green job opportunities and the potential risks of ‘stranded workers’ where jobs are lost in high carbon industries and employees struggle to develop new skills and find new employment.
Business Green 14th July 2020 read more »
Richard Dixon: Ahead of last week’s UK mini-budget, there were rumours that there would be a strong green element to the recovery spending plans, even talk that it might be called a Green New Deal, following the Prime Minister’s attempt to channel Franklin Roosevelt the previous week. In the end, the only identifiably green element from Chancellor Rishi Sunak was £3 billion to improve the energy efficiency of buildings, £2bn of that in the form of grants to homeowners. Little help, though, for people renting a leaky home from a landlord who can’t be bothered to invest. For comparison, the identifiably green parts of Germany’s recovery package totals 12 times more. Specifically on improving homes, Denmark, with a population 13 times smaller than the UK, has allocated £3.6bn to a six-year programme focusing on social housing. Even worse, the £3bn isn’t even new money.
Scotsman 13th July 2020 read more »