A group of 36 investment managers, banks and pension funds with £1.5 trillion of assets have written to the Prime Minister, warning that mixed messages from the government risk jeopardising billions of pounds needed for investment.
The letter, which has been signed by members of the UK Sustainable Investment and Finance Association (UK SEF) – including Jupiter Asset Management, Scottish Widows, Royal London, Aegon and Triodos – calls on the Prime Minister to do more to ensure Britain’s place in the transition to net zero.
The letter read: “The UK could and should lead the world in sustainable finance, driving capital towards innovative British companies and creating jobs and skills across the country.”
“As the chancellor set out in his Mansion House speech, the UK must strive to be the best place to start, grow and scale.”
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“We urge the government to provide long-term policy certainty to ensure this objective can be achieved, by making clear that important policy pillars driving investment, like predictable carbon pricing mechanisms, the transition to zero emissions vehicles, and improved energy efficiency standards for the private rented sector and across the country’s housing stock, will not be charged abruptly,” the letter continues.
“This is essential so that our sector can help drive capital towards innovative British companies and infrastructure, and develop prosperity across the UK, improving productivity, pay and creating 1.7 million ‘green collar’ jobs”.
It comes after a progress report from the CCC earlier this year warned that the UK government was behind on its net zero targets.
At the time shadow net zero secretary Ed Miliband called out the government saying that “The drive for green energy is not some climate luxury”.
In addition, Prime Minister Rishi Sunak has also been criticised over his decision to expand oil and gas drilling in the North Sea, and his climate policies in relation to low emission zones.
