20th September 2023
Bankers for Net Zero, the UK Country Chapter of the Net Zero Banking Alliance, has expressed a deep concern to Prime Minister Rishi Sunak’s proposals to dilute the UK’s commitments to achieving net zero.
The UK financial services industry has led the way through demonstrable commitments to the Glasgow Financial Alliance to Net Zero (GFANZ) and the Net Zero Banking Alliance (NZBA). Back tracking on progressive climate policy will undermine investment and business confidence across the United Kingdom and put the UK’s emerging high-growth green industries at risk.
Strong climate policy promotes innovation, job creation, and efficiency gains through investments in green technologies and sustainable infrastructure. Without clear, consistent, and long-term policy signals to support decarbonisation, lenders will not have the confidence to make investment decisions to deliver the significant changes required to meet our legally binding net zero targets. Addressing these policy blockers is crucial to accelerating action and mobilising private sector capital to flow towards net zero investment. Delaying these crucial measures will harm the UK’s reputation as an attractive destination for domestic and international investment, compromise our international competitiveness and jeopardises the long-term economic prosperity of the UK.
We urge HM Government to deliver on the UK’s global leadership on tackling climate change and demonstrate the ambition, commitment and consistency that the private sector desperately requires. We look forward to continuing to work with the government, alongside the private sector, to mobilize investment, drive economic growth and turn our net zero commitments into action.
Chief Executive Officer, Bankers for Net Zero
Disclaimer: The statement represents the views of Heather Buchanan and the B4NZ team. It does not necessarily represent the views of B4NZ members either individually or collectively.