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Corporates, Investors Back UK Climate Plan

The Cambridge Institute for Sustainability Leadership-convened Corporate Leaders Group (CLG) has published key recommendations from leading businesses on how to build a sustainable, competitive and resilient UK economy. The policy briefing, ‘Unleashing the Green Economy’, is intended as a guide for the incoming government to unlock net zero and economic growth, providing concrete case studies showcasing successful business leadership across various sectors – with the overall goal to attract more investment into the country. “As other nations accelerate their efforts, investment opportunities are at risk of shifting away from the UK,” the CLG said. “In the US, the Inflation Reduction Act attracted US$110 billion in private investment within its first year. Similarly, the EU’s Green Industrial Plan has leveraged an additional US$45 billion from the European Investment Bank, and is expected to mobilise over €150 billion (US$162 billion) in new green investments.” Describing net zero as a “unique economic and political opportunity”, the group said the right policies and bold political leadership would allow UK businesses to go further and faster in their climate action. In parallel, a joint letter to freshly elected Prime Minister Keir Starmer drafted by the UN-supported Principles for Responsible Investment, the Institutional Investors Group on Climate Change and the UK Sustainable Investment and Finance Association, outlined the urgent need for a supportive policy environment to provide businesses and investors with the certainty needed to make long-term investments. Aldersgate Group, E3G, the Impact Investing Institute, ShareAction and the World Wide Fund for Nature all supported the letter. “The majority of the estimated £50-60 billion a year required if the UK is to meet its climate commitments will need to come from private capital, including from many of our members,” the letter read. “By identifying priority areas for decarbonisation – such as achieving clean power by 2030 or tackling the highest-emitting sectors and deploying targeted policies and public finance tools to support these – you can crowd in private finance at pace and scale.” Other supporters of the letter included Cardano, CCLA, Sequoia Investment Management, Scottish Widows and IFM Investors.

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