REPORTS & BRIEFINGS | 27/10/2021
Net Zero Strategy Policy Tracker: Key Announcements and Next Steps
The Net Zero Strategy (NZS) is the first blueprint from any major economy on how to reach net zero.
It is developed on the basis of a clear recognition of the benefits the net zero transition can bring to the UK economy, through job creation, innovation, growing exports and improved productivity. Publishing a detailed pathway to net zero that is endorsed by the Prime Minister ahead of COP26 sends a positive signal to other countries and provides an example of how climate targets can be delivered in practice.
As Aldersgate Group has previously argued, developing sector-by-sector pathways for cutting emissions is key to providing long-term certainty to businesses and investors, which will ultimately accelerate the mobilisation of private finance, lower risk and cut the cost of investment. In addition, finalising the cross-cutting framework that underpins sectoral transitions is equally important, which is why including measures for accelerating skills development, mobilising innovation funding and using the UK Infrastructure Bank to crowd in private investment is a welcome addition to the NZS.
In this briefing, Aldersgate Group takes stock of the key announcements in the Strategy, identifies areas for improvement, and considers what needs to come next in terms of policy and spending decisions to enable the UK to reach net zero.