Net zero announcement: UK sets out plans to cut greenhouse gas emissions
“Such is the scale of the task we face in achieving net zero emissions by 2050 that there were some eye-watering figures in the raft of green measures announced by Government yesterday.
The BBC have shone a light on the Prime Minister’s ambition that much of the heavy lifting should be undertaken by private capital. His Net Zero Strategy: Building Back Greener, reveals ambitious plans to crowd in £90 billion of private investment by 2030 to put us on the path to meet our Sixth Carbon Budget, cutting emissions by at least 68% from 1990 levels; and achieving net zero 20 years thereafter.
If there’s an inference that this requires transformational change in the City then this is misleading. Elsewhere in the same report we read that there has already been £90 billion of new private sector investment in renewable energy technologies since 2012, in part facilitated by the Electricity Market Reforms.
So while public sector funding might continue to be necessary to address market failures, strong, long-term policy pathways like those described yesterday, that can excite and engage sources of private capital, will deliver the investment we need. They have before and they will again.”