SSE has joined a wide alliance of over 100 organisations from across the economy and civil society, including some of the UK’s major businesses, investors and trade associations, to call today on the Government to follow the advice of the Committee on Climate Change and stick to its current emission reduction objectives under the Fourth Carbon Budget.
This budget covers the emission reduction that the UK needs to deliver over the years 2023 to 2027 to stay on track for reducing its emissions by at least 80% by 2050 under its Climate Change Act.
In a statement which coincided with the publication today of the Committee on Climate Change’s updated recommendations on the Fourth Carbon Budget, the alliance called on the Government “to stick to ambitious emission reduction objectives for the 2020s to give business the certainty it needs to commit significant investments to the UK’s promising low-carbon economy” and maintain the UK’s energy security.
“The majority of the business world is clear that ambitious and stable action to tackle climate change makes business sense. A stable policy environment is critical to attracting investment in the low-carbon sector, reducing the costs of new technologies like offshore wind and creating significant growth opportunities for the UK economy in areas where we currently lead the clean energy race. The time has come to give to the decarbonisation agenda the importance and stability it deserves.” Lord Adair Turner, Senior Fellow of the Institute of New Economic Thinking, ex-chairman of the Committee on Climate Change, ex-Chairman of the Financial Services Authority and ex-Director General of the CBI.
“As insurers and investors, we are quite accustomed to dealing with financial arguments that point towards the benefits of taking preventative and mitigating action before a much more expensive disaster unfolds. We believe that the implied changes to the global economic system associated with a 5-6 degree change to average global temperatures present such a crisis. The long term absolute value of the assets that we run will be significantly influenced by the value of the global economy. A clear and credible decarbonisation target would help address the climate problem before the economic disasters associated with a 5-6 degree change unfold.” Steve Waygood, Chief Investment Officer, Aviva.
"What the industry needs more than anything is certainty over the medium to long term. The carbon budgets set a clear trajectory and are a key part of a framework against which the industry can make much-needed investment decisions; they are an important signal of political intent and this is therefore an opportunity to help create a more stable investment climate which ultimately helps keep costs down for consumers." Dr Keith MacLean, Policy & Research Director at SSE.
List of signatories: PZ Cussons, Unilever, Kingfisher, Sainsbury's, ASDA, M&S, Ikea, Telefonica - O2, Cisco, Thames Water, Anglian Water, WSP, Philips, Aviva, Institutional Investors Group on Climate Change, Royal and Sun Alliance, Alstom, Capgemini, Sky, Nestle, PepsiCo, Mars, Sodexo, Alpro, Jaguar Land Rover, Interface, ACCA Global, Biffa, Bioregional, CERAM, Dalkia, Eftec, ETI, Grant Thornton, Johnson Matthey, L&Q Group, Landmark, Memset, MITIE, Reed Elsevier, Vestas, Gamesa Wind UK Ltd, REpower, Harland and Wolff, Seajacks, Modus Seabed Intervention, Triodos Bank, The Aldersgate Group, UK Sustainable Investment and Finance Association, Dong Energy, SSE, Renewable Energy Systems (RES), EDP Renewables, Mainstream Renewable Power, Aquamarine, SKM Enviros, Sustain, UK Green Building Council, Willmott Dixon, Ecotricity, Solarcentury, the Carbon Capture and Storage Association, Renewable UK, the Renewable Energy Association, Scottish Renewables, the Solar Trade Association, the TUC, Nexus Energy Solutions, Earth Mill, Carbon Reduction Technologies Ltd, Green Directions, The Rubber Roofing Co Ltd, Energy 4 All, Energie Solutions, Drakes Renewables, Foster Renewable Energies, Future Electric, Evolution Renewable Energy Solutions Ltd, Kensa Engineering, Quantum, Stamford Renewables, Independent Energy Projects, Awel Aman Tawe, HE Translation, Humber Energy, Serene Energy, Eco2Solar, Natural Power, the Happy Frogs, LDA design, Better Planet, Entrust, Wattcraft, Samad Power, GJH Façade Fixing Ltd, IEC Energy Ltd, Bineri Ltd, Business in the Community, IPPR, the Church of Scotland, Shrinking the footprint - the Church of England’s environment campaign , Christian Aid, WWF-UK, Friends of the Earth, Greenpeace, RSPB, 10:10.