The drive towards UK Net Zero is rarely away from the headlines. While ambitious climate commitments require co-operation by governments globally, national governments must still create the environment for positive change.
With the UK hosting the COP26 climate change summit later this year, the UK government this week committed to reducing carbon emissions by 78% by 2035 (ahead of its previous deadline of 2050). The US is also expected to announce a significantly improved emissions cutting target for 2030, with President Biden hosting a climate summit with around 40 presidents and prime ministers this week.
While Covid-19 led to a plunge in carbon emissions over the last year, a report from the International Energy Agency claims that these reductions will be wiped out as lockdowns are released and global economies pour stimulus cash into fossil fuels to boost economic recovery (https://www.iea.org/reports/global-energy-review-2021).
Innovative climate tech and renewables companies in the UK are seizing the opportunity to help meet the challenge of reduced emissions targets. These businesses are increasingly supported by major financial institutions seeking to deliver impact investment, which is fast becoming a widespread governance objective.
Executive, legislative and financial institutions must now keep pace with the innovation of pioneering businesses who have accepted the challenge.
"There are some strong positives for renewable energy in the IEA report. Wind, solar and other sustainable forms grew 3% during 2020, and in the power sector they are expected to grow by 8% this year. Overall green energy sources will provide 30% of electricity generation, the highest level since the beginning of the industrial revolution."