PREMIUM: The Topic – Funding Decarbonisation

It’s 2008, energy secretary Ed Miliband has overseen the development and signing off of the Climate Change Act committing the UK to cut its carbon emissions to 20 per cent on 1990 levels by 2050.

The global financial crisis is still months away and the finances of the major energy companies, global investors and hedge funds are healthy.

Fast-forward eight years and there has been a global crash with its resulting recession. Then came the first coalition government in a generation, the first Conservative victory in more than two decades and a historic vote to leave the European Union.

This turbulence has left finances squeezed and investment capital at a premium. Yet the climate change commitments of 2008 stand strong and have been reinforced by the COP21 meeting in Paris in 2015 where the ambition to limit global warming to 1.5C was agreed.

This means the need to decarbonise the British economy is higher on the agenda than ever, as is the need to find the money to fund the transition.

 

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