Climate Change Minister, Claire Perry, recently spoke at Climate Week in New York. The summit, which took place alongside the UN General Assembly, brought together leaders from business, government and civil society to showcase global climate action. The minister said, “The UK is decarbonising faster than any other G20 nation – since 1990 we have cut emissions by more than a third while growing the economy by two-thirds, and the Government is determined to drive up the pace of decarbonisation while maximising the opportunities for growth from the global transition to a clean economy”. Recent analysis conducted by PwC shows that the UK has outperformed China, the US, and other EU countries in reducing carbon intensity since 2000.
The Climate Minister also took the opportunity to announce the establishment of a green finance task force in the UK, which is designed to consolidate London’s position as a green financial hub while encouraging further investment in low-carbon infrastructure. The task force will have six months to develop a plan to increase green investment. Proposed measures include improving the sustainability of infrastructure developments and the development of a global standard for green financial management, to be established in conjunction with the British Standards Institute. It is expected that the first standard could be in production in 2018. The government also wants to go further to promote green mortgages that give preferential rates to those in sustainable homes, or who have invested in energy efficiency. The exact terms of reference for the task force will be established at the first meeting in late September.
The announcement adds to recent positive news for the green economy, which in early September saw the cost of offshore wind fall at competitive auction to 50% of 2015 levels. New offshore wind projects will be delivered as low as £58/MWh from 2022-23. The cost reduction will be welcomed by consumers for whom escalating policy costs are contributing to higher energy bills. Further developments for the green sector are expected this Autumn, when the Clean Growth Plan is due to be published.
