A group of investors responsible for over a trillion (£) of investment worldwide has written to the Chancellor on the day of his speech to the Conservative Party Conference calling for a decarbonisation target to be included in the Energy Bill. They argue that the lack of a target inhibits investment decisions and negatively impacts the UK’s ability to attract the capital needed to update its ageing infrastructure.
Steve Waygood, Chief Responsible Investment Officer at Aviva Investors, who signed the letter said: "We are increasingly factoring climate change risks into the decisions we make, but the confusion over medium-term energy policy is a significant impediment".
Andrew Raingold, Executive Director of the Aldersgate Group, which co-ordinated the letter with UKSIF, said: “The Chancellor’s lack of support for a decarbonisation target in the Energy Bill is completely out of kilter with mainstream business and investor opinion. Such a target would provide certainty to investors, energy generators and their supply chains, giving a much-needed investment boost to the UK economy."