The Institutional Investor Group on Climate Change (IIGCC) has today listed a set of investor priorities for the next government that can unlock investment and deliver a 'greener and more competitive Britain'.
In their Call to Action for the UK Government 2024, the group and its investor members are calling on policymakers to accelerate the UK's transition to a competitive, energy secure, resilient and climate-neutral economy by prioritizing five key areas.
First, it calls for the adoption of a “whole-of-government approach” with focused strategies to accelerate the achievement of net zero targets, including strengthening transition planning across the UK's economy and improving interdepartmental collaboration.
The IIGCC also urges the next government to develop a comprehensive green industrial strategy that will support the decarbonisation of the UK economy and improve economic competitiveness in response to the US Inflation Control Act and the EU's Green Deal industrial plan. I'm looking for it.
This should include policies and incentives that encourage further investment in low-carbon energy technologies, while reducing barriers to entry, facilitating private capital flows, and encouraging investment in green skills programmes; explains the report.
The group will also encourage policymakers to promote strategic investment in adaptation and resilience measures, and to support climate change through a clear policy roadmap to embed nature and biodiversity protection and restoration into UK policy. calls for the UK to become more resilient against the physical effects of
Finally, the IIGCC calls on the next government to introduce a supportive financial regulatory environment that facilitates capital flows towards climate and nature goals.
To achieve this objective, we are encouraging policymakers to bring faster key sustainable finance policies to increase transparency and support the redirection of capital towards the UK's climate and nature goals. It calls for implementation to establish the UK as a leading hub for transition finance and to ensure interoperability of UK policies and policies. Regulation by international frameworks.
Emily Murrell, policy director at IIGCC, said: “In this critical election year, investors need support to provide the confidence and certainty they need to make long-term investments in the UK’s transition to net zero. “We're looking for a policy environment.” “While the building blocks of a sustainable finance framework are beginning to fall into place, there is an urgent need to move forward with swift implementation of key legislation.
“This is an opportunity to shift gears and permanently pivot towards decarbonisation and direct our efforts to the effective implementation and implementation of policies that support this.”
Murrell said success will ultimately depend on short-term decisive action and well-designed policies, effective coordination between stakeholders, and a strong focus on prioritizing decarbonization in the real economy to achieve net zero targets. He added that it depends on new efforts by the next administration to achieve this goal. .
“Doing this early in the next Administration's term will pave the way for increased private finance for the low-carbon transition and promote a more sustainable and resilient future,” she said.
Tessa Younger, CCLA's head of stewardship, added that the IIGCC's Call to Action highlights the urgent need for a comprehensive, 'whole of government' approach to decarbonisation to provide the certainty investors want in funding the UK's low carbon transition.
“As we approach a general election, it is vital that the Government demonstrates its commitment to these pathways, putting the UK at the forefront of tackling climate change and stimulating our economy,” she said.
In response to the IIGCC's call for action, a government spokesperson said: “London has been ranked first in the world for green finance for the sixth time in a row and our green finance strategy sets out an ambitious program to secure the funding we need to reach our targets. ” Energy security, net zero and environmental goals. ”
The IIGCC's call to action follows the British Standards Institute's annual Net Zero Barometer survey. The survey found that more than nine in 10 UK business leaders want more government policy support and financial incentives to accelerate the transition to net zero emissions. Many point to the uncertainty and cost of green policies as major barriers to decarbonization efforts.
A series of reports by official government advisory groups, including the Committee on Climate Change and the National Infrastructure Commission, have also shown that the UK is off track to meet its 2030s emissions targets and that more ambitious decarbonization policies are being adopted. It warns that unless this is done, there is a risk that green investment will shift to the US, EU and China.
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