The global low carbon transition will redefine the UK economy. From the largest infrastructure projects to the fabric of our homes, that transition creates a huge opportunity for the UK to lead the world in cutting emissions while driving growth – building on our world-leading performance to date.
The UK Government’s Industrial Strategy recognises Clean Growth as one of the ‘Grand Challenges’ for the UK economy. This creates an enormous opportunity to maximise the advantages for UK industry from the global shift to clean growth through to the development, manufacture and use of low carbon technologies, systems and services that cost less than high carbon alternatives.
Meeting that ambition will require unprecedented levels of investment. Green finance – i.e. investment in environmental technology, infrastructure and services – is therefore central to the future of the UK and global economy. The UK’s status as host to a world-leading financial services centre means that the UK has direct access to the investment our economy needs, and the chance to seize the economic opportunities that it offers.
In recognition of that opportunity, the Government established the Green Finance Taskforce – an alliance of individuals and organisations tasked with providing recommendations for delivery of the public and private investment we need to meet our carbon budgets and related environmental and resilience goals, and maximise the UK’s share of the global green finance market.
The Green Finance Taskforce has met that objective by working with over 140 organisations to deliver a series of recommendations on how the Government and the private sector can work together to maximise the UK’s role in mobilising the green finance the UK and global economy will need. The Taskforce will now work closely with the Government and other players to support consideration and implementation of these recommendations and secure the benefits of clean growth.