The United Kingdom government’s chief climate change advisor has warned that any moves to weaken the country’s approach to achieving net zero greenhouse gas emissions by 2050 could have serious implications for business and the health of the economy.
On Wednesday, as many schools were shut and travelers advised against making unnecessary journeys because of the extreme heat, the Climate Change Committee presented its latest report to Parliament. Before that, its chair, Nigel Topping, said: “(Policy) U-turns are really damaging to inward investor confidence. If we really want to grow the economy, then investing and getting good at building stuff is essential.”
The report highlighted success in moves toward increased use of renewable energy, and the growing popularity of electric vehicles, but noted that some other simple emission reduction measures, such as the roll-out of heat pumps, were not progressing as quickly, possibly because their initial set-up costs seem to be discouraging potential customers, even though they would bring savings later.
The Environment Journal website recently reported that the green economy is now, globally, the fourth-largest economic sector, having surpassed healthcare, and it quoted Bloomberg as saying that around the world, it is now worth $10 trillion.
Topping pointed out its economic importance to the UK, citing a recent report by the Confederation of British Industry that notes that the domestic net zero economy generates around $131 billion per year, and is growing faster than the rest of the economy. It is also reported to underpin the jobs of more than 1 million workers in 22,000 small businesses across the country.
“We’ve got the institutional infrastructure in place since the (2008) Climate Change Act, and real consistency of direction and progress, and we know that consistency is super important for industry in making investment decisions,” he said.
The report comes at a particularly sensitive time for net zero policy because the resignation of Prime Minister Keir Starmer on Monday means a new leader will soon be taking over, possibly with a different approach to the issue.
Topping said the next prime minister must “hold the course” when it comes to continuing with net zero measures, including everyday household steps because their greater economic worth means “that’s where the real benefits come — (you can) really unlock a lot of savings”.
Just to underline the seriousness of the climate situation that is currently impacting Europe, an event due to take place at the London School of Economics on Wednesday, titled Extreme Heat: Improving Governance and Strengthening Action Around the World, was canceled because of warnings about the heat.
UK govt urged to hold steady on net zero strategy
