The UK government’s ability to meet its 2030 climate change targets has deteriorated in the last year, according to the latest assessment by its official advisors, the Climate Change Committee (CCC). In its report, the Committee’s outgoing Chairman, Lord Deben, accused the government of a lack of leadership that is keeping energy bills high and squandering the opportunity to lead the race in building the clean technologies of the future.

For Ed Matthew, Campaigns Director at E3G, “this report is a damning indictment showing that in every economic sector, the UK government is off track to meet its 2030 climate change targets”. “The energy crisis sparked by the Russian invasion of Ukraine was an opportunity to bolster our energy security by doubling down on cheap renewable power and slashing energy demand. Instead, the Committee has found that the government has no master plan to decarbonise the power system, has blocked some of the cheapest renewable energy projects and the number of homes being insulated has crashed. The abject failure of this government to deliver meaningful action on net zero leaves UK citizens poorer, our economy weaker and its reputation for climate leadership in tatters,” he said.

In the area of green industry, Johanna Lehne, Programme Leader at E3G said that, “instead of investing in a future-proofed greener UK steel sector, the decision to open a coal mine in Cumbria sends the opposite signal, indicating that the government is banking on a coal-based future for the sector”. “With decisive action to decarbonise the grid, the UK could put electrification at the core of its industrial strategy. But with no coherent plan to do so, the UK is at risk of losing competitive advantage as other countries forge ahead. It is a recipe for industrial failure,” he explained.

“Despite welcome progress made by the 2023 Green Finance Strategy, business and investors are still lacking the strong signals and incentives they need to transform their net zero investment appetite into opportunities on the ground. The Autumn Statement must answer calls from a growing body of investors representing over $3 trillion assets under management by announcing a full Net Zero Investment Plan, underpinned with a mechanism to track financial flows. Only then will the UK be able to ‘keep pace with competitors in the global race’ to develop green industries and deliver growth,” said Heather McKay, expert on UK sustainable finance, about Green Finance.