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.
Peter Young delivered a keynote speech at the SmartestEnergy annual conference today. He outlined the competitive threat posed by the US in attracting investment for green technologies and argued that environmental issues will not be a key battle ground in the General Election.
To read more, 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 UK must adopt an industrial strategy which goes ‘beyond carbon’ to address critical resource efficiency challenges in all areas of the economy if it is to maintain employment and a competitive, sustainable advantage in global markets, now and in the future.
These case studies are the unedited versions of the three examples given in the Aldersgate Group's latest report, 'Beyond Carbon'. As such they contain further discussion on the themes of the report and more suggested solutions.
These views are the product of working groups, convened for three roundtable events. They therefore do not represent the views of the Aldersgate Group, any one individual or organisation. The case studies are intended to provoke thought and discussion.
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.
UN talks in Mexico at the end of this year are likely to produce the legally binding climate change treaty that eluded negotiators in Copenhagen, the UK’s climate change secretary of state informed the Aldersgate Group.
The Aldersgate Group has written an open letter to Business Secretary Lord Mandelson, calling for greenhouse gas (GHG) reporting to be made mandatory for all large UK organisations as soon as possible.
Over 50 MPs, including Liberal Democrat leader Nick Clegg and Conservative Shadow Climate Change Minister Greg Barker MP, have signed the letter, along with a diverse range of organisations including Aviva, BSkyB, The Cooperative, Barratt Homes, National Grid, United Utilities, BIFFA, Friends of the Earth, WWF and Reed Elsevier.
Read coverage here.