Earlier this week, Chris Skidmore, MP, launched a review at the behest of the Government to set out how to reach its legally binding decarbonisation target of net zero emissions by 2050. We have our own ambitious net zero plans which include achieving net zero in our own operations by 2025 and by 2050 we aim to have a net zero supply chain and crucially, to achieve a net zero investment portfolio.
As a large asset owner, it is vitally important that we and other large asset owners take ambitious steps to tackle climate change but government must play its part too. In particular, governments set public climate policy, which will be a key determinant of the speed and shape of changes in the global economy.
Ahead of the Government’s revised Net Zero Strategy next year, we and our industry peers, have called for clear policy on decarbonisation pathways to avoid the choice between divestment and emissions continuing in the real economy; or continuing to hold assets but failing to meet our net zero targets. Healthy financial outcomes and climate friendly investments are not mutually exclusive, on the contrary, as the Skidmore report outlines, net zero is the economic opportunity of the 21st century.
The review was clear that the pace of recent change has created a rush of economic opportunity at a massive, global scale, accelerated by the USA’s $369 billion investment in clean technology through the Inflation Reduction Act…
