Budget 2011 set out a plan for growth, but did not include a comprehensive green growth strategy to drive a dynamic economic recovery. The Aldersgate Group believes that a Green Investment Bank that can borrow from the start should be at the heart of the growth plan to ensure that the UK is a more balanced economy, that 'makes things' instead of just importing them.
The Aldersgate Group today urged the Chancellor to set out a comprehensive green growth strategy in next month's Budget. This would help reduce the budget deficit and drive a dynamic economic recovery by increasing output and creating jobs.
The Aldersgate Group today lent its support, along with that of many of its members, to a letter to David Cameron published in the Guardian. The letter, signed by a large number of companies, organisations and NGOs, called for the Green Investment Bank to be a bank and not just a fund, with a funding of at least £4bn.
Andrew Raingold, Executive Director of the Aldersgate Group, joined a debate on 19th Jan, organised by the Fabian Society, "The New Politics of Climate Change - where are we?" With the Coalition's pledge to be the ‘greenest government ever' tempered by increased budgetary limitations for both state and individual, the seminar sought to look at the priorities and obstacles for the Government in this agenda.
The AG partnered with Forum for the Future and UKSIF to convene a round table with senior-level representatives from investment institutions and large (mainly FTSE 100) businesses to debate the BIS consultation "A long-term focus for corporate Britain."
Click on the pdf to read a short summary of the main points discussed.
Responding to today's announcement on reform to the energy market, Andrew Raingold, Executive Director of the Aldersgate Group said: "The introduction of a sufficiently stable, high and credible carbon price is essential to stimulate the required step change in investment for low carbon technologies. To maximise the potential growth and jobs benefits to the economy, the proceeds must be used to support low carbon energy projects."
Today the AG has supported an open letter to Caroline Spelman published in the Financial Times, initiated by two of its members, the Co-operative and WWF, calling for reporting of carbon emissions by companies to be made mandatory. The letter argues that this would reward the companies already taking a lead in the green economy and help all businesses to manage and reduce their GHG emissions.
Business Green reported on the key discussions of the Aldersgate Group's 'Green Investment Bank Summit' (GIB), held in Bank of America Merrill Lynch's offices last night. The article reports Martin Donnelly, the BIS Permanent Secretary's comments the GIB could be making its first major investments before the end of next year. To read the full article, click here.
An article in The Times today tackled the issue of how the burgeoning green sector is to be capitalised. The Aldersgate Group believes that the role of the Green Investment Bank (GIB) will be crucial, and Andrew Raingold, Deputy Director of the Aldersgate Group, was quoted: "The bank must have a clear mandate to leverage low-carbon investment and support the development of low-carbon and environmental industry, research and development, manufacturing, services and exports."
The full article can be found on page 10 of the document found on this link.
A powerful group of big businesses, NGOs and cross-party MPs today urged the government to deliver a bold vision for the Government's Green Investment Bank (GIB). The creation of a GIB is a key pledge of the Coalition Government but there are concerns that government spending reductions could starve the GIB of the capital it requires to spark low carbon economic growth and a green jobs boom.
The "Green Investment Bank Position Statement", published today, states that this critical institution can help tackle the significant financing barriers to deliver investment in the UK's energy infrastructure and can stimulate growth and jobs.
In an open letter to government ministers, published today, the Aldersgate Group argued that "a clearer, stronger signal is needed now for the introduction of mandatory carbon reporting in the UK that is consistent with international standards". Before the election, the Conservative Party outlined the benefits of carbon reporting and committed to bring forward the date that the largest companies are required to report them. The letter argues that the government should make this commitment before the end of the year. Under the Climate Change Act, the Government must legally put forward regulations for mandatory carbon reporting by 2012 or explain to Parliament why this has not been the case.
The letter has been published on the same day that WWF-UK and The Cooperative Financial Services publish a new report showing how oil companies are increasing the carbon emissions of their fuels by developing unconventional fossil fuels such as tar sands. 'Toxic fuels: toxic investments' provides the case for mandatory carbon reporting by highlighting how oil companies such as BP and Shell could face billions of pounds in future carbon liabilities as the cost of carbon rises.
The Aldersgate Group (AG) has responded to the DECC information request on 'Reducing Red Tape'.
The Group's letter to Lord Marland reiterates AG's commitment to reduce the regulatory burden for businesses but urges caution to ensure environmental policies are not undermined by the drive to reduce red tape. Regulation is one of the few means of encouraging the economic recovery onto a more sustainable path and a sensible course of action given the current fiscal climate.
The Aldersgate Group supports the report by the Committee on Climate Change, on meeting carbon budgets and ensuring a low carbon recovery, launched today.
Commenting on the report, Peter Young, Chairman of the Aldersgate Group, said: "We welcome the Committee's headline message that greater urgency is needed to meet carbon budgets. A number of the priorities identified by the Committee are also commitments in the Coalition Agreement, such as electricity market reform and the implementation of a carbon floor price. Prompt action will not only reduce greenhouse gas emissions but will be vital for the economic recovery, boosting growth, jobs and competitiveness.
Peter's comments were quoted in the Guardian and the article can be viewed here.
The Aldersgate Group supports the report by the Green Investment Bank Commission, launched today.
Commenting on the report, Peter Young, Chairman of the Aldersgate Group, said: "The Commission's report is consistent with our own analysis which finds that UK climate targets will not be achieved without robust government intervention. We strongly support the establishment of a Green Investment Bank (GIB) to address market failures and rapidly scale up the delivery of a low carbon economy. If implemented quickly, this has the potential to be one of the cornerstone policies of the new government, leading to a more balanced and prosperous economy which the Chancellor underlined last week.
Today the Aldersgate Group (AG) submitted its response to DECC's consultation on "Meeting the Low Carbon Skills Challenge."
The response welcomed the development of a comprehensive low carbon skills framework but emphasised the need for the government to develop this strategy.
A cross party Early Day Movement (EDM) has been tabled by Martin Horwood MP, Tim Yeo MP and Paul Flynn MP to support the AG's Accelerating the Transition report. It welcomes the cross-party commitment for a rapid transition to a low carbon and resource efficient economy and calls for the report recommendations to be implemented by the new government. The AG will be encouraging MPs to sign the EDM over the next few weeks. A link to the EDM can be found here (number 272).
The Aldersgate Group is delighted to welcome new members: AXA Investment Managers, Herbert Smith LLP, Ownergy, SmartestEnergy and WYG Group.
If we want sustainable economic growth and jobs, our financial recovery is doomed to failure if it does not address our environmental deficit, writes Peter Young (Chairman, Aldersgate Group) in the Guardian today.
The Aldersgate Group (AG) was one of the signatories to a letter, published in The Times today. This called for the Green Investment Bank (GIB) to be funded by auctioned pollution permits, which could raise an estimated £40 billion by 2020.
The AG has been working with TransformUK, promoting the Green Investment Bank and how it can work. Read the published letter here.
The Aldersgate Group support the Budget announcement for the introduction of a Green Investment Bank.
Peter Young, Chairman of the Aldersgate Group, said: "The new Green Investment Bank is rightly at the heart of the Government's growth and jobs strategy. This will help leverage private sector funds at sufficient scale to deliver a swift and competitive transition to a low carbon economy." "The initial £2 billion of equity is a good start but must be rapidly scaled up over the next Parliament. The total low carbon investment needed by 2020 is at least £250 billion, leading to more secure jobs and a more prosperous future."