Carbon budget needs investment in technology

Privilege Finance has responded to the Government’s sixth carbon budget, which commits to cutting emissions by 78% by 2035.

“We are wholeheartedly supportive of the Government’s world-leading ambitions to reduce carbon emissions to this level,” says Chris Winward, Director at Privilege Finance.

“However, as a UK-based financer focused on climate change reduction, we have invested over £600m into schemes which help reduce carbon emissions, which help towards the UK meeting its carbon targets. Yet we know that more widescale investment is needed in these technologies to really drive progress against this goal.”

According to the Energy Savings Trust, progress towards the UK’s net zero carbon emissions targets to date, has largely been due to the nation changing the way it generates energy.

“Without longer-term policies which support the growth of the green energy sector, the industry is not accelerating at the rate required to support such ambitions,” Mr Winward adds.

“We want to see policies introduced which provide clear action and outcomes, which will mitigate risk and attract greater investment. For example, this may mean legislation around food waste recycling, which specifies it should be processed to produce green energy.

“The Government’s target sets a global precedent and demonstrates the UK as a true leader in this field, but policy and investment must be the driver towards realising this ambition.”