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A supplement published in the Times newspaper on low carbon business sets out the case for an ambitious Green Investment Bank (GIB) and mandatory carbon reporting. The AG is referenced under the sections ‘Banking on a Green Economy’ and ‘Crunch Time Approaches for Carbon Reporting’.
To promote green growth, George Osborne and Vince Cable published environmental initiatives for the Government’s autumn growth review. AG’s calls for the Government to green the Plan for Growth and bring forward the date the Green Investment Bank can borrow from 2015 was reflected in this article.
Defra has calculated that forcing businesses to publish their carbon emissions could cost British business up to £6bn. However an independent study commissioned by the Aldersgate Group, Christian Aid, The Co-operative Group and WWF has found that the costs of reporting have been overestimated by £4.6bn and the benefits, underestimated by £980m. Defra has not disputed the research and welcomed all contributions to the debate.
The Government's deregulation agenda is ill-considered, while 'best value' regulation would deliver environmental, economic and social objectives at least cost, driving innovation, long-term economic growth, competitiveness and job creation. These are the findings in the Aldersgate Group's latest report, which discusses an alternative regulatory framework, says the ENDS report.
Reproduced by permission of The ENDS Report, the UK journal and website for environmental business and policy.
Businesses, investors and campaigners issued a last ditch plea for the Government not to neuter the Green Investment Bank, details for which will be published today. Andrew Raingold, Executive Director at the Aldersgate Group, added his voice: ""A green investment bank that is enshrined in legislation will provide the strongest possible signal that the institution is permanent and will be at the heart of the Government's plans for a green industrial revolution."
The Government has approved some of the world's toughest carbon targets, which will require the UK to halve its greenhouse gas emissions from 1990 levels by 2025. The Aldersgate Group welcomed the announcement, saying it would provide greater certainty for business to invest in green technologies and create jobs."
