Davey welcomes AG Energy Bill intervention

14th November 2013

Ed Davey, Secretary of State for Energy and Climate Change, has warmly welcomed a letter sent by the Aldersgate Group, calling for a meaningful decarbonisation target to be included in the Energy Bill in 2014. His letter states: "I am genuinely grateful for your letter and was impressed by the significant investor numbers and names who are clearly supportive of an ambitious approach to tackling climate change."

Whilst recognising "that we need to decarbonise our power sector significantly", Mr Davey insisted that "the Government is taking powers in the Energy Bill to set a target range for electricity sector decarbonisation for 2030." The Aldersgate Group has criticised the Government's approach to the decarbonisation target which is unduly weak, and coordinated a letter with UK SIF arguing that the Energy Bill must create the obligation to include a decarbonisation target in 2014, to be implemented by 2030. The letter was signed by investors with over £1 trillion assets under management worldwide and sent to the Chancellor in September 2013.