Tesco Establishes £2.5 Billion Credit Facility Tied to Sustainability Targets
Tesco Supermarket has announced the creation of a £2.5 billion revolving credit facility, with interest rates based on environmental performance...
Read Full ArticleDame Carolyn Fairbairn has said that the UK must become a global leader in climate action to create new green jobs and lift productivity post-pandemic.
Speaking at the Confederation of British Industry’s (CBI) first virtual Net-Zero Conference, Director-General Dame Fairbairn launched their Green Recovery Roadmap. The plans call on the government to take ambitious steps nationally and use the rest of the year to reignite global efforts to achieve net-zero by 2050.
“And here the UK has a strong story to tell. As the first major economy to establish a legally binding net-zero target, we’ve gone from total dependency on coal-powered electricity eight years ago to using none for weeks at a time.”
–Dame Carolyn Fairbairn
Director-General, CBI
The CBI’s Green Recovery Roadmap includes:
Dame Fairbarn spoke passionately about investment in green technology and infrastructure helping to underwrite the UK’s recovery, creating jobs and industries for the future”
“Recent World Wide Fund for Nature data shows the net-zero transition could generate at least 210,000 jobs in 2030 and over 350,000 in 2050.
“And here the UK has a strong story to tell. As the first major economy to establish a legally binding net-zero target, we’ve gone from total dependency on coal-powered electricity eight years ago to using none for weeks at a time.
“And, crucially, the UK is in pole position to lead the world in green tech, like hydrogen and carbon capture and storage. We have the science. The ambition. The expertise.”
Back in July, Prime Minister Boris Johnson announced that UK industry would receive £350 million to cut emissions and drive economic recovery from COVID-19.
The package is intended to drive the UK’s net-zero target, by helping businesses to decarbonise across the heavy industry, construction, space and transport sectors.
The CBI’s Green Recovery Roadmap outlines six priorities to reignite business investment, create green jobs and kickstart a sustainable economic recovery. These include:
The effect of the pandemic may have naturally led to some CSR initiatives being mothballed until a more stable time in the future. This is particularly true of energy efficiency and sustainability programmes.
In a survey by edie of 101 UK-based energy and sustainability professionals, conducted in late March 2020, 70 per cent said their organisation had either confirmed plans to pause investment into sustainability solutions or were considering doing so. Dame Fairbairn’s comments and the CBI’s Green Recovery Roadmap will seek to readdress this imbalance.
Energy management initiatives are key in achieving long-term carbon reduction goals but, in the current economic climate, companies may struggle to find the capital investment required to implement them.
Utility Team have created the Revolving Green Fund, which provides businesses with interest-free funding to deliver energy-efficient projects and technologies.
You can find out more about the initiative here.
Picture: A photograph of some solar panels
Article written by Ella Tansley | Published 17 September 2020
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