Posted on: 04/04/2017
Institutional investors have warned ministers that they must provide “greater vision, leadership and clarity” if they are to secure the funding they need for low-carbon investment.
The Institutional Investors Group on Climate Change (IIGCC) has published a report entitled “An Investable Emissions Reduction Plan”, which is its response to the Department of Business Energy & Industrial Strategy’s (BEIS’s) request to comment on how to develop a sustainable emissions reduction plan (ERP).
Stephanie Pfeifer, Chief Executive at the IIGCC, said: “The UK Government must provide a detailed and ambitious policy framework for climate action to 2030 focused on three critical sectors – power generation, buildings/heating and road transport – if it is to realise its commitment to reduce carbon emissions by 57% on 1990 levels by 2030.
“Clarity and ambition to 2050 are essential if the UK wants to persuade pension funds and other major asset managers to mobilise the hundreds of billions in long-term capital required to ensure the UK can meet the targets set out under the Paris Agreement.”
The IIGCC wants an ERP that lays out steps from now until 2050.
It also wants a commitment to the use of carbon pricing as the primary tool for lowering emissions.
The organisation represents 137 European institutional investors.
> Download the report