Chancellor must resist reckless calls to shelve low-carbon policies – Investor trade body urges a “Budget for the Long Term”
London, 17 March 2014 – Today, the UK Sustainable Investment and Finance Association (UKSIF) called on the Chancellor not to bow to “short-sighted” calls to cut measures that would boost the shift to a low-carbon economy in his Budget speech on Wednesday 19th March. Instead, UKSIF urged the Chancellor to heed the warning provided by the UK’s recent extreme weather.
Caroline Escott, Head of Government Relations, said:
“The recent record-breaking flooding highlighted the dangers posed to the UK and its economy by climate change. The Chancellor must resist the short-termist, short-sighted and reckless calls to shelve policies that will boost the move to a low-carbon economy and support long-term investment decisions.”
She continued: “Instead, investors in the UK want to see a Budget which promotes a stable, coherent policy framework on climate change, resource security and other environmental issues as called for not only by UKSIF and its members but also by the Environmental Audit Committee in its recent report on Green Finance. George Osborne needs to provide a “Budget for the Long Term” which introduces a range of policies including boosting the Green Investment Bank’s borrowing powers and setting a 2030 decarbonisation target. Otherwise the value of the public’s pensions and savings may be put at risk.
Investors will continue to make the case for long-term investment – for instance through UKSIF’s Ownership Day campaign on 25th March which will encourage pension funds to engage with investee companies on climate change risk and other issues – the Chancellor must commit to significant action now if the UK is to obtain the long-term financial and economic stability it so badly needs.”
To read the full press release, please click here.