Weakening climate policy risks investment in the UK economy

Reacting to the Climate Change Committee’s assessment of recent developments on net zero, Signe Norberg, Head of Public Affairs and Communications at the Aldersgate Group, said: “Today’s intervention from the Climate Change Committee is a stark reminder that the UK must maintain its ambition to deliver net zero by 2050 and back this up with robust policy measures and transparency to get on track to meet vital climate commitments. Delivering on these goals must be done in a way that is affordable for the public, but lowering ambition and generating uncertainty by weakening targets only serves to increase costs in the long term, discourage investment, and impact the UK’s reputation on the world stage.

“At a time of increased international competition that threatens to divert investment in low-carbon industries away from the UK, businesses and investors need certainty and policy consistency to accelerate decarbonisation. We have seen the UK lead in the past with this approach across the economy, which has created a strong foundation from which to lead in the future, but without the right action now this opportunity will be lost. Businesses recognise that the most effective way to create long-term prosperity and drive economic growth is by delivering a thriving low-carbon economy. They are ready and willing to do their part, but robust delivery plans, reliable and consistent targets, stable regulation and targeted support are crucial to get there.