Business and civil society lay out “deep concerns” at UK PM’s plan to weaken net zero policies
Date published: Wednesday, 20 September 2023
In an open letter published today, Earth Capital joined over 400 businesses including Aviva Investors, Border to Coast and Brunel Pension Partnerships, and UKSIF in writing to the Prime Minister to lay out our deep concerns about any weakening of net zero policies by the UK government.
The joint letter notes the lasting damage that weakening net zero policies will do to the UK economy. This move will also undermine the UK’s international climate leadership at a time when the disastrous impacts of climate change are impacting the UK and the rest of the world, including the recent flooding in Libya and forest fires in Greece.
The Office for Budget Responsibility has recently highlighted the economic benefits of rapid action on net zero and the increased fiscal and debt risks associated with delay. Smart policies to boost clean technologies like electric vehicles and efficient, low-carbon heating and more support for the most vulnerable will lower the cost of living. Sticking with petrol cars and gas boilers increases it. Slowing down the development of clean tech leaves households exposed to volatile fossil fuel markets for longer and puts jobs at risk. It is also costly for the public purse, which spent £40 billion last winter subsidising household energy bills.
The letter states that weakening climate policies would be the historic mistake of Rishi Sunak’s premiership, leaving a lasting impact on the UK economy, our climate and his legacy.