Following the publication of the Committee on Climate Change’s Progress Report to Parliament, the Aldersgate Group urges the government to rapidly put in place robust policies that will allow the UK to meet its existing carbon budgets on time, affordably and in a way that could deliver significant economic benefits for the UK.
Nick Molho, Executive Director of the Aldersgate Group said: “The government faces several critical decisions during the early months of this Parliament to ensure that the deployment of energy efficiency and a wide range of low carbon infrastructure remains on track and the cost of new technologies continues to be cut. Policy and funding gaps, particularly after 2020, must be filled urgently.
"In the run up to the important climate change summit in Paris later this year, it is vital that the UK’s very positive role to date in these negotiations is seen to be backed up by continued tangible commitments to decarbonise its economy at home. This is all the more the case, given the recent announcements on onshore wind and the future of the Green Investment Bank.”
The Aldersgate Group, which will be publishing a major report next week on the government’s climate and energy policy priorities, argues that an early decision on the extension of the Levy Control Framework and a reboot of energy efficiency policy, with clear objectives and proposals tailored to different types of energy efficiency measures, will allow businesses to continue investing and innovating in the UK, delivering important infrastructure, cost reductions and economic growth.
Uncertainty about future funding could see projects being delayed and have a particularly damaging impact on supply chains and continued cost reductions.
Nick Molho said: “The offshore wind sector provides a good example of the benefits produced by a clear policy framework. The cost of energy from UK offshore wind farms has fallen by almost 11 per cent in the past four years, with the UK the world leader in this sector. However,offshore projects can take up to ten years to build, so the industry is already looking to the mid-2020s for some clarity about expected levels of deployment.”
Nick Molho added: “The report’s dual focus on tackling and addressing the potential impacts of climate change in the UK is welcome and highlights the importance of the government setting out a coherent vision on climate change, which must include improving the resilience of the UK’s infrastructure to its impacts. This will require good co-ordination between the government’s adaptation strategy and its objective to rapidly improve the state of the UK’s natural capital such as the ecological condition of farmed countryside.”
Following the announcement made by the Secretary of State for Business, Innovation and Skills Sajid Javid this morning, the Aldersgate Group stresses that any reforms to the Green Investment Bank must ensure that its public mission to reduce risk for investors in low carbon and environmental projects remains firmly in place. In addition, the government must retain a significant and sufficient shareholding in the Bank to convince the market that it remains firmly behind its mission.
The Aldersgate Group, whose business members represent a wide range of economic sectors and a collective turnover in excess of £300bn, is strongly supportive of the positive impacts that the Green Investment Bank (GIB) has had in reducing the cost of capital, increasing the quality of projects and mitigating policy risks for its mandated areas of investment
From significant co-investments in efficient street lighting to major offshore wind projects, the GIB has played an important role in reducing the risk profile of some low carbon projects that were harder to finance and has already mobilised over £5bn of investment in the UK’s low carbon economy.
The right level of private ownership in the GIB should be agreed through transparent analysis and in-depth consultation with the finance community to determine the optimum level of government shareholding that continues to maximise private finance's willingness to invest in the green economy throughout the lifetime of this parliament and beyond.
Nick Molho, Executive Director of the Aldersgate Group, said: “The injection of private capital into the Green Investment Bank could be a positive development but only if the Bank’s public mission to drive investments in low carbon projects perceived as riskier is fully maintained and the government retains at least a significant shareholding, allowing it to demonstrate a meaningful stake in the continued success of the Bank.
Failure to provide such reassurance would, just a week after retrospective policy changes on onshore wind, send negative signals to low carbon investors, threatening inward investment flows and undermining the low carbon sector’s important contribution to the UK’s continued economic recovery.”
Nick Molho added: “With a few months to go ahead of the climate change summit in Paris, it is also critical that the UK’s positive leadership in these negotiations does not become undermined by a perception abroad that the government is diluting its domestic commitments and abandoning its own stake in the future growth of the UK’s low carbon economy. Retaining at least a significant holding in the Green Investment Bank and making rapid decisions in key areas such as the future of the levy control framework will be key here.”
The Aldersgate Group also reiterated some of the key recommendations from its recent cross-industry report on the future of the Green Investment Bank, highlighting the importance going forward for the Bank to have greater flexibility in leveraging private finance and in investing across a broader range of environmental projects such as those aimed at improving the state of the UK’s natural capital.
Tomorrow’s Queen’s Speech is an ideal opportunity for the new government to affirm the increasing importance of the low carbon economy in the UK and make a clear commitment to support its continued growth.
With the UK’s low carbon economy having seen its turnover grow by almost 25% from 2010 to 2013 and reaching £122bn in 2013, the Aldersgate Group urges the government to recognise the importance of the sector and make a clear commitment in the Queen’s Speech to support its future development.
Nick Molho, Executive Director of the Aldersgate Group said: “From low emissions vehicles and waste processing to energy efficiency and low carbon electricity, the UK’s low carbon sector has grown rapidly in recent years but its future growth requires clear signals from the government that it is committed to continuing the UK’s transition towards a resource efficient and low carbon economy.”
Nick Molho added: “Important decisions will need to be made in the coming year on the future of the UK’s energy efficiency policies, the finance available in the levy control framework to support the continued deployment of clean energy technologies and how the UK intends to put the Natural Capital Committee’s recommendations into practice. A clear signal in the Queen’s Speech highlighting the government’s intention to make rapid and supportive decisions in these areas would be positively received by developers and the supply chain alike and have positive knock-on effects on the economy.”
The Aldersgate Group welcomed today the appointment of Amber Rudd MP as the new Secretary of State for the Department of Energy & Climate Change (DECC).
Building on her impressive business background, Ms Rudd was previously an effective minister at DECC for the final year of the Coalition Government where she championed the role of innovation in building the UK's low carbon economy.
Nick Molho, Executive Director of the Aldersgate Group said: "Amber Rudd's appointment at DECC is an excellent choice. She is in an ideal position to keep on growing the UK's low carbon sector, one of the fastest growing areas of our economy with a turnover that is already twice that of the UK's auto-manufacturing industry".
The Aldersgate Group, whose business members represent a wide range of economic sectors and a collective turnover in excess of £300bn, has urged the new government to recognise the importance of the UK’s environmental and low carbon goods sector as part of the UK’s continued economic recovery.
Nick Molho adds: "We look forward to working with Ms Rudd to ensure the UK secures the benefits of growth, employment, exports and environmental protection the low-carbon sector has to offer."
Following the majority won by the Conservative Party at the General Election, the Aldersgate Group urged the new government to build on the work done in the last five years and support the continued growth of the UK’s thriving environmental and low carbon economy.
The Aldersgate Group, whose business members represent a wide range of economic sectors and a collective turnover in excess of £300bn, urged the new government to recognise the importance of the UK’s environmental and low carbon goods sector as part of the UK’s continued economic recovery. Ambitious, stable policies to tackle climate change and protect the natural environment will make the UK economy more competitive and resilient, whilst delivering important environmental and social benefits.
During the period of the last government, the UK’s low carbon sector grew to employ nearly half a million people with its turnover increasing by nearly 25% between 2010 and 2013, reaching £122bn in 2013. With the sector’s annual gross valued added already equivalent to that of the foods and drinks industry, it is clear that investing in the low carbon economy should form an important part of the new government’s economic plan.
The Aldersgate Group also pointed out that with nearly 2% of Scotland’s jobs already in the low carbon economy, the continued growth of the sector should remain an important priority for the SNP.
Nick Molho, Executive Director of the Aldersgate Group said: “The low carbon sector has continued to thrive in the last five years and we look forward to working with the Conservative government to build upon it. We welcome in particular the Conservative Party’s commitments in its manifesto to improve the state of the UK’s natural environment, support the UK’s Climate Change Act and to continue reducing the UK’s emissions cost-effectively. Achieving these objectives will require ambitious and stable policies and a pragmatic approach to the role that energy efficiency and low carbon technologies, including onshore wind, can play in the future.”
The Aldersgate Group is delighted to announce the appointments of Joan Walley as new Chair and Dame Fiona Woolf CBE as new Honorary President as well as the recruitment of five new corporate members: DONG Energy (UK), Siemens UK, Vattenfall UK, Interserve and BuroHappold.
Joan Walley, who has been a Labour MP for Stoke-on-Trent North for an uninterrupted 28 years, will be stepping down as an MP in 2015. She is known for her remarkable cross-party work on environmental issues, especially in her role as chair of the highly respected Environmental Audit Select Committee from 2010 to 2015.
Dame Fiona brings global business experience to the Aldersgate Group, built upon a legal career in energy that included advising over 28 governments and the World Bank. In recognition of these and other achievements, she was awarded a CBE in 2002 and a DBE in 2014. She is Alderman for the Ward of Candlewick and was only the second woman to be Lord Mayor of London (in 2013-14) when she strongly promoted the sustainable economy.
Dame Fiona and Joan Walley will assume their roles from 1st May 2015, when Peter Young takes a planned step down from Chair of the Aldersgate Group after eight years. He will remain a Director.
DONG Energy (UK), Siemens UK, Vattenfall UK, Interserve and BuroHappold are all joining the Aldersgate Group and will considerably enhance the Group’s profile in the energy, manufacturing, construction, engineering and consultancy sectors. Their corporate strategies reflect the challenging but necessary transition to a low carbon and resource efficient economy that the Aldersgate Group promotes. The arrival of these new members illustrate the growing importance of environmental issues to the business world, an issue that all parties should take note of in the run-up to a General Election.
Peter Young, outgoing Chair of the Aldersgate Group said: “I have been privileged to lead the Aldersgate Group as its Chair for the past eight years and I am delighted to see our leadership in the hands of such respected and experienced successors.
“When I took over as Chair, Aldersgate was a fledgling group making the case for high environmental standards because they are good for the economy and good for business. A contentious argument in 2007, today Aldersgate Group’s founding ethos has gathered support and the Group is now the pre-eminent, progressive business voice on the environment, with many successes in changing government policy to its credit. These appointments give a strong signal that the Group is ready to plan an even more influential role in making the next government act seriously on climate change and the environment.”
Nick Molho, Executive Director of the Aldersgate Group said: “Peter’s wisdom, expertise and generosity with his time have played a large part in the Aldersgate Group rapid increase in size and influence. I now look forward to working closely with Joan and Fiona to continue building on his great work and ensure that the next government puts environmental policy at the heart of its economic plan.”
Joan Walley, Chair of the Aldersgate Group said: “I have had considerable exposure to the Aldersgate Group’s work in my capacity as Chair of the Environmental Audit Committee. The quality of their work and their effort in building cross-party consensus on environmental issues has helped to inform the UK environmental debate over the past five years. I very much look forward to taking a hands-on role in that debate in the years ahead and continuing to increase the profile of their work.”
Dame Fiona Woolf CBE, Honorary President of the Aldersgate Group said: “I have watched the Aldersgate Group’s work for several years and always respected their determination to find practical solutions to complex environmental issues. I particularly welcomed their recent Manifesto Report, which is the ultimate reference tool for how to transition to a low carbon economy and to tackle other important environmental issues in a way that creates growth, jobs and business for UK plc. I am very much looking forward to working with the Aldersgate Group members and staff to assist the next government and the key stakeholders to capture the benefit of these insights.”
Juergen Maier, Chief Executive, Siemens plc said: “When it comes to the low carbon economy, most people would associate Siemens in the UK with our successful wind turbine business, but sustainability and the efficient use of energy is at the heart of everything that we do, from our transport solutions to our building technologies. For us this is a win-win situation: we can do our part as a responsible corporate citizen to help promote sustainability and it is good for our bottom line too.
“Addressing environmental issues, however, can only be achieved in partnership with others. In this respect the Aldersgate Group is a strong platform for bringing together like-minded businesses in order to develop policy solutions and undertake advocacy to tackle climate change and other key environmental challenges. We look forward to playing an active role in supporting the Group’s work.”
Danielle Lane, Head of Regulatory and Stakeholder Affairs at DONG Energy (UK) said: “We are delighted to be joining the Aldersgate Group at this crucial time in the UK’s transition towards a decarbonised energy system. DONG Energy believes the green transformation of our energy supplies is necessary and achievable. Since 2006, we have transformed from being one of the most coal-intensive utilities in Europe to a leader in renewable energy. To complete this revolution in our business model, we need the right policy framework and we are convinced that the Aldersgate Group can help us to engage with government in a progressive, practical fashion that will achieve it."
Piers Guy, UK Country Manager at Vattenfall said: “Vattenfall has supported the UK economy with investments of close to £3bn in UK wind power in the past five years as part of our shift to low carbon generation across the whole company. This is largely thanks to the UK’s ambitious action on decarbonisation and climate change. We will work with the Aldersgate Group to help maintain and develop these ambitions so that the energy industry can continue to invest in UK renewables.”
Mat Roberts, Director of Sustainability Strategy at Interserve said: “We are very much looking forward to working with the Aldersgate Group, whose messages we find particularly powerful because they come from such a wide range of businesses, civil society organisations and cross-party politicians. Our SustainAbilities plan challenges us to have a positive impact on the environment and society, while better understanding the role of various forms of capital in our business. Membership of the Aldersgate Group will give us the access to corporate peers and officials that will allow us to manage the risks and increase the opportunities of our drive towards being a sustainable business.”
Duncan Price, Director of Sustainability, at BuroHappold Engineering said: “The low carbon economy is already thriving with unprecedented opportunities for those businesses willing to tackle the problems. As engineers, we're focused on delivering creative, value-led sustainability solutions for buildings, cities and the wider economy. Now is a great time to join the Aldersgate Group to ensure we can help shape the policies that will put the whole of the UK on course to benefit from this transition. With a track record of expertise in relevant sectors that spans four decades, we’re in this for the long term.”
Reacting to today’s announcement on the 2015 Budget by the Chancellor of the Exchequer, the Aldersgate Group urged all political parties to put environmental policy at the heart of their economic proposals ahead of the next General Election.
The Aldersgate Group highlighted in particular that there is increased evidence that policies to promote resource efficiency, reduce carbon emissions and improve the state of the UK’s natural capital could all deliver net economic benefits to the UK as well as make the UK economy better able to cope with future supply risks, whether these be linked to the availability of fossil fuels, key materials or local environmental resources such as water.
Nick Molho, Executive Director of the Aldersgate Group said: “At a time where there is mounting evidence that ambitious policies to reduce carbon emissions, improve resource efficiency and protect our natural capital could deliver net economic gains to the UK and make our economy more robust to future resource shocks, it is in our national interest to put the environment at the heart of our country’s economic plan.”
Highlighting that today’s budget didn’t do much to recognise the important economic potential of environmental policies beyond the welcome support for a new tidal power scheme, Nick Molho added: “The upcoming election is a unique opportunity for all parties to integrate environmental policy as a key part of their economic proposals and show that they want the next Parliament to build an economy that will be competitive, secure and sustainable in the long-term.”
In a new report out today, jointly published by the Aldersgate Group and An Economy That Works Alliance, independent experts set out policy proposals to get the UK a step closer to a better functioning economy. Each is ripe for implementation by the next Government.
This new report on “An Economy That Works” initiative, the last one to be wholly sponsored by the Aldersgate Group, hosts contributions from leading experts on one facet of the six core areas of An Economy That Works: high employment, equality of opportunity, wellbeing, low carbon development, zero waste and enhancing the UK’s natural capital.
Peter Young, Chair of the Aldersgate Group, said: “This new report brings exciting new policy ideas from authoritative experts to deliver key benefits for our future economy, environment and society. If the UK economy is to prosper in the long run, the next Government needs to adopt synergistic policies like these to strengthen environmental and social drivers at the heart of a sound economic plan.”
Peter Young added: “Having created and developed An Economy That Works over the last 18 months, it is now time for An Economy That Works alliance to develop the next stage independent from the Aldersgate Group. This is important if it is to achieve the breadth and integration of interests which it was designed to reach. This report should give a taste of what policies might be successfully advocated, and we trust that An Economy That Works will now develop its initiative to bring coherence and new thinking beyond the environmental focus that the Aldersgate Group can provide.”
Oliver Dudok van Heel, Executive Director of An Economy That Works Alliance, said: “This report sets the tone for the next stage of the development of the Economy That Works Alliance, by turning our vision into concrete policy proposals that will enable the transition to an economy that delivers prosperity, competitiveness and sustainability to the UK: an economy that works.
“In keeping with the collaborative nature of the initiative, each proposal was developed by a different expert in the field, building on their own work and the expertise of their organisation, in full alignment with the overarching aims of An Economy That Works.”
Find the full report here.
In a new report published today, the Aldersgate Group called on the next Government to make significant fiscal and regulatory reforms to help UK businesses be more resource efficient and boost the UK’s economic competitiveness.
UK-based businesses are facing competitive threats posed by overseas competitors and increasing volatility in the prices of raw materials. To survive and thrive, some businesses are now moving away from the traditional economic model of ‘take-make-use-dispose’ and moving towards more “circular” processes that allow them to re-use materials. But as the Aldersgate Group points out today, this is happening despite several regulatory and tax barriers that are hampering businesses’ ability to be more resource efficient.
A new report by the Aldersgate Group, Resource Efficient Business Models: the roadmap to resilience and prosperity, published today, sets out the initial findings of an EU LIFE+ funded project, REBus. This three-year project, of which the Aldersgate Group is a key a partner, will support 30 pilot schemes to test how businesses can achieve a 30% reduction in resource consumption by 2020. Pilots are being run by large organisations and SMEs, all receiving technical expertise and support.
Steve Wallace, an Aldersgate Group Director who leads their REBus project work said: "To secure long term prosperity our nation must be resource efficient. A growing number of forward thinking companies are adopting resource efficient business models and, through our involvement in the EU LIFE+ funded project REBus, we are supporting more to do the same."
Nick Molho, Executive Director of the Aldersgate Group, added: “To make a real difference, a more coordinated approach supported by a better regulation agenda is needed to make resource efficiency the easiest and most financially rewarding choice for businesses. The report that we are launching today sets out the critical actions required to accelerate the transition to a more resource efficient and therefore more prosperous economy."
See the full report here.
The Aldersgate Group welcomed the vision set out in the EU Commission’s Road to Paris today but urged the EU Council to ensure that its final proposals on emission cuts for 2030 were in line with the “at least 40% domestic target” previously announced. This was key to build an increasingly positive momentum ahead of the Paris climate summit and to help grow the EU’s market share in the low-carbon sector.
Nick Molho, Executive Director of the Aldersgate Group, said: “It is often forgotten that Europe’s economic growth, competitive advantage and the health of its job market will be enhanced or undermined according to our response to climate change. Action on climate change isn’t just about preventing significant environmental and economic damage; it’s also about benefiting from the huge commercial opportunities that come with the shift to a low-carbon economy.”
Mr Molho added: “It is critical that the final emission cuts put forward by the EU Council in the coming weeks are in line with its previous decision to cut emissions domestically by at least 40% by 2030. The EU should also make clear at the outset that it is ready, if appropriate, to increase its emission targets in the event of a successful agreement being reached in Paris.”
The Aldersgate Group has welcomed the Natural Capital Committee’s third and final State of Natural Capital report, being published today. The report sets out the roadmap for development of a 25 year strategy to protect and improve the UK environment including priority areas for investment.
Aldersgate Group Chair, Peter Young, said: “The Natural Capital Committee's reports are invaluable in illuminating the parlous state of the UK's natural capital and the opportunities that can be derived from better accounting for its value and loss.
“Conventional accounting systems help measure and safeguard the capital base upon which a business relies. It is only logical that these principles be applied to measure and safeguard the natural environment. The Aldersgate Group membership includes businesses willing to embrace corporate accounting for natural capital to contribute to the restoration of some of our most important natural assets, upon which we all have some dependency.
“To support this work, government must create an appropriate new institution to oversee and report on progress.”
Nick Molho, Executive Director of the Aldersgate Group, said: “To support the investment priority areas set out in the Natural Capital Committee’s third report, a Natural Capital Investment Strategy is vital to set out the future direction of travel. The Green Investment Bank is well placed to engage in this area, ensuring the UK exploits the Natural Capital Financing Facility to grow investments in natural capital.
“Under-investment in natural capital and the resulting cumulative deficit threatens our long term resilience and well being.”
Reacting to the outcome of the climate change talks in Lima, Nick Molho, Executive Director of the Aldersgate Group said:
"After a 33 hour overtime marathon to conclude negotiations, the Lima climate change talks haven't delivered as clear cut an outcome as many wished for and significant work remains to be done in 2015 if the world is to prevent dangerous levels of climate change. But they have at least kept hopes for a strong climate change deal in Paris alive and the Peruvian delegation should be given much credit for that.
"As we enter the important year that is 2015, businesses have a key role to play in speaking louder and in bigger numbers in favour of a strong climate deal to add their full weight to the essential efforts of civil society and the world's progressive governments. The economic, social and environmental imperative of preventing the worst impacts of climate change warrants such an unprecedented global coalition."
See our coverage in businessGreen.
Ahead of the European Commission's announcement in the European Parliament on 17 December, the Aldersgate Group urged the European Commission to maintain the circular economy package in its work programme for 2015.
Nick Molho, Executive Director of the Aldersgate Group, said: "Moving towards a circular economy with much higher degrees of recycling and remanufacturing is an important part of making the European economy more efficient, competitive as well as environmentally sustainable. Ensuring that EU policy goals are delivered through "better regulation" is a good aspiration, but the Commission should go about this by developing smart regulations to meet these goals as opposed to simply abandoning crucially important areas of policy such as the circular economy package".
See our letter in the Telegraph.
Reacting to the latest report from the Committee on Climate Change, Energy prices and bills - impacts of meeting carbon budgets, the Aldersgate Group urged political leaders champion the shift towards a low carbon economy.
Nick Molho, Executive Director of the Aldersgate Group said: "This report from the Committee on Climate Change clearly shows that we can meet our carbon targets affordably, a conclusion that many other reports have also reached. To do so, the next Government must pursue energy efficiency policies to a much greater extent than has been done to date and show its support for the clean energy sector well beyond the end of this decade if businesses are to invest in our low carbon power stations at a reasonable cost."
"With the General Election fast approaching, our political leaders should remember that meeting our carbon targets isn't just about tackling climate change, it's also about equipping our nation with modern homes and building an efficient and low carbon energy system fit for the 21st century. Moving to a low carbon economy could unlock important employment and economic growth opportunities if the next Government shows a long-term commitment to this much needed transition and could significantly improve the UK's energy security by cutting its dependence on fossil fuels."
See our coverage in the Guardian.
A coalition of some of the UK's biggest businesses with a collective turnover in excess of £280bn today backed a new macro-economic roadmap for Britain by launching a new campaign called "An Economy That Works" based on the findings of a major report.
Campaign founders the Aldersgate Group and its progressive alliance of NGOs and UK businesses argue in their first report that the UK economy risks becoming detached from the long-term needs of society. It says that GDP growth is an important tool in creating prosperous societies, but warns that on its own growth is unable to define a path to lasting prosperity and competitiveness. It says an economy that works for the UK is one that will be low carbon, will deliver high employment and equality of opportunity, and place wellbeing and regard for natural resources at its core.
Launching the new campaign, Sir Richard Lambert, former Financial Times editor and former Director-General of the CBI said: "Single-issue policymaking is struggling to address the complex social and environmental challenges of our time. The Economy that Works coalition has a relentlessly positive vision and its systemic blueprint for creating decent jobs, delivering equal opportunity, and enhancing wellbeing across the UK is exciting and galvanising."
Peter Young, Chair of the Aldersgate Group said: "Despite encouraging UK growth figures, we risk getting stuck with reduced wellbeing, rising inequality, continued loss of natural capital and rising resource pressures. Policymakers urgently need to look beyond GDP to define successful growth – setting far more coherent policy goals which strengthen the links between our economy, our society and the environment.”
Learn more about the campaign at AnEconomyThatWorks.org.
See our coverage in businessGreen.
See Sir Ian Cheshire's op-ed on our campaign in the Independent.
In its latest report, the Aldersgate Group calls for visionary leadership from the next Parliament to tackle a range of environmental challenges and help build a growing, sustainable and resilient UK economy.
The General Election of May 2015 will deliver the Parliament that will take us to 2020, the target date for many of the UK’s environmental commitments and widely calculated to be the last period in which we can implement sufficient decarbonisation programmes to avoid dangerous levels of climate change. The Autumn Statement due out tomorrow (3rd December) marks the starter’s whistle for the Election campaign.
Now is the time for ambitious leadership from all parties to win back voters with a positive and long-term vision for the UK. Many threats to the UK economy are characteristically long-term, which makes this period, six months before a General Election, politically unique in allowing parties to consider issues beyond the confines of the parliamentary cycle.
The Aldersgate Group Manifesto identifies six target areas for the next parliament to help the UK effectively address today’s big environmental challenges, whilst maximising economic benefits for the UK. The next government must (1) accelerate the move to a competitive low carbon economy, (2) prioritise energy and resource efficiency, (3) improve our understanding and the state of our natural capital, (4) equip the UK’s workforce with the right skills to benefit from the opportunities offered by the transition to a sustainable economy, (5) increase financial flows towards low carbon and other environmental projects and (6) ensure the UK continues to benefit from progressive European environmental standards whatever the UK’s future relationship with the EU.
Nick Molho, Executive Director of the Aldersgate Group said: “As a business-led coalition with members drawn from a wide range of economic sectors, the Aldersgate Group is well placed to advocate policies that will benefit the UK as a whole.
“The outcome of the General Election in May is unpredictable, yet we know that voters are yearning for a positive vision to tackle the challenges we face as a country today. This report sets out how politicians, recognising the climate and resource challenges that we face, can go about creating an efficient, resilient and low carbon economy and deliver significant economic and social benefits for the UK.”
See our coverage in businessGreen here.
From 1st to 12th December, the 20th Conference of Parties (COP) will be held in Lima to agree the framework of a global climate deal. The Aldersgate Group welcomes the momentum that has built in the run-up to Lima - with the UN Climate Summit, US-China climate accord and the Green Climate Fund’s mobilisation of $9.3bn - but urges negotiators to lay the groundwork for an ambitious deal to be signed in Paris in 2015 (COP 21).
Nick Molho, Executive Director of the Aldersgate Group, said: “2015 is a pivotal year for climate action. Paris will be a watershed for international climate negotiations which, as the IPCC’s Synthesis Report showed earlier this month, must drive action at the pace and scale required by climate science. Lima must establish a framework for individual countries’ domestic climate action plans post-2020 and outline how they will submit their pledges.”
See our coverage on edie.net.
Reacting to the publication today of the Synthesis Report from the Intergovernmental Panel on Climate Change, the Aldersgate Group urged world leaders and the UK government to deliver an international deal at the pace and scale called for by climate science.
Nick Molho, Executive Director of the Aldersgate Group said: “The world’s scientific community has given us both a clear warning and a message of hope. It has made it crystal clear that man-made climate change is a reality but has also shown that prompt, cost-effective and coordinated action by the world’s governments can help limit the detrimental impacts that unabated climate change would have on the natural environment and the world economy. It is now time for governments to deliver a deal at the pace and scale required by climate science.”
Referring to recent research from the New Climate Economy Foundation and Cambridge Econometrics, Nick Molho added: “Beyond the benefits of avoiding the economic damage that would be caused by unabated climate change, Governments should also remember that moving to an efficient and low-carbon economy is an opportunity in itself. Recent research shows for instance that meeting the UK’s existing carbon targets under its Climate Change Act would result in higher GDP, higher household income and higher levels of employment by 2030 compared to a situation where the UK does little to reduce its emissions.”
The Aldersgate Group launches a new report today (28th October), at a high profile event in central London with Secretary of State Vince Cable to mark the GIB’s first two years of operation.
The report highlights the GIB’s impressive achievements but urges the next Government to increase the power and remit of the GIB to ensure it provides the necessary support to the UK’s growing green economy.
All contributors congratulate the GIB’s achievements and welcome the cross-party support that has provided it with firm foundations. In its short lifespan the Bank has demonstrated that investment in green infrastructure can be profitable, has drawn in new sources of private sector capital and contributed to the UK’s position as one of the world’s most attractive destinations for private sector green investment.
Peter Young, Chair of the Aldersgate Group and one of the editors of the report said: “The GIB’s achievements are all the more remarkable considering the restrictions within which it has operated. The government must now broaden the Bank’s remit into new sectors and grant it the ability to borrow, by issuing new products such as green bonds and ISAs. This will widen its impact, increase its leverage and allow the general public to invest in the clean, green industrial revolution that is essential to secure our future wealth and wellbeing.”
Reacting to the European Council announcement, Nick Molho, Executive Director at the Aldersgate Group said: “European leaders have made the right decision to commit to a greenhouse gas emission reduction target of at least 40% by 2030, which keeps open the option to increase the EU’s commitment to a higher and more adequate target in the event of successful climate negotiations in Paris next year. Beyond the obvious environmental benefits, recent research shows that a strong greenhouse gas target is in the interest of the UK economy and we therefore urge the UK Government to push for an ambitious international deal on climate change in 2015.”
Nick Molho added: "It is on the other hand disappointing that the package contains insufficient ambition on energy efficiency, one of the cheapest ways of cutting greenhouse gas emissions, protecting consumers against rising energy bills and improving energy security. We urge the next Government to make energy efficiency a national infrastructure priority in the UK to ensure its environmental, economic and energy security benefits can be maximised."