The Aldersgate Group's evidence on environmental taxation was referenced in an Environmental Audit Committee inquiry into Budget 2011 that was published today. The AG argued that the fair fuel stabiliser was a missed opportunity to reduce taxes on income rather than to pay for a decrease in Fuel Duty and that greening the economy should be at the heart of the Government's plans for growth. The AG's Executive Director, Andrew Raingold, appeared as a witness before the inquiry.
To read more, click here.
Alongside keynote speakers BIS Minister Mark Prisk and Shadow Minister Luciana Berger MP, Andrew Raingold set out funding priorities and environmental objectives for the Green Investment Bank at the Westminster Forum.
Defra has launched (11th May 2011) a consultation on measuring and reporting GHG emissions by UK companies, setting out a range of options for mandatory carbon reporting (click here for the consultation document). The Aldersgate Group believes that the Government must introduce regulations for all large businesses to report their carbon emissions.
The Aldersgate Group (AG) has called on the Government to accept the recommendations from the Committee on Climate Change, on the Fourth Carbon Budget. The AG believes that robust and clear action on climate change, based on the science, is essential for long-term economic growth, jobs and competitive advantage.
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.
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.
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 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.
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."
Peter Young, Chairman of the Aldersgate Group, is one of the signatories of a letter to the Guardian, today.
The letter calls for the establishment of a green infrastructure bank to support the investments in low carbon infrastructure, low carbon energy and energy efficiency that Britain needs over the next two decades.
Other signatories included Climate Change Capital, Friends of the Earth, Green Alliance, E3G, the New Economics Foundation and Environmental Industries Commission.
To read the full letter, click here.
The Aldersgate Group commends the Conservatives' commitment to create Britain's first Green Investment Bank, announced by Shadow Chancellor of the Exchequer, George Osborne MP today.
If sufficiently ambitious in scale, this will help the UK increase its share of the global environmental markets while ensuring it remains a hub for low carbon technology finance.
The Aldersgate Group's work on mandatory carbon reporting was publicly acknowledged at a recent hearing of the Environmental Audit Committee (26th January 2010) by Hilary Benn MP, Secretary of State for Environment, Food and Rural Affairs. He noted that, "one of the things that’s been quite striking in the UK has been the movement within the corporate sector to report – I’m thinking of the Aldersgate Group."
On 8th January 2010 the Group sent a letter to Lord Mandelson which was copied to Mr Benn, calling for mandatory reporting for all large UK organisations, in order to secure greater accountability and transparency.
To see the hearing, click here.
Ed Miliband, Secretary of State for Environment and Climate Change, has hinted that mandatory carbon reporting for UK business could be brought in before 2012, he told the Aldersgate Group.
Read coverage here.