Sunak causes rift with Cabinet over EV discount end October 13, 2021 Chancellor Rishi Sunak is reportedly in a row with other Cabinet members – including transport secretary Grant Shapps and business secretary Kwasi Kwarteng – over his proposed plans to cut grants for buying electric vehicles (EV). As reported by the Telegraph, the Treasury is expected to slash the grants – which amount to £2,500 for [...]
NatWest to launch first eco-friendly loans as part of new £100bn green funding pot October 13, 2021 NatWest said this morning it plans to bring £100bn to green funding to the market by the end of 2025 and the City bank will also roll out its first eco-friendly business loans. The bank stressed its strategy is to help small firms capitalise on the drive to tackle climate change. The pledge sees the [...]
Billionaire hedge fund tycoon Chris Hohn ramps up climate campaign against central banks October 12, 2021 Multi-billionaire hedge fund manager Sir Chris Hohn has ramped up his latest campaign against the banking industry with a set of reforms aimed at quelling its financing of fossil fuel producers, and called on regulators to “immediately reduce” climate-related risk in the financial system. Hohn, who paid himself £343m last year in what is believed [...]
Carney backs government support for energy users during gas price crisis October 12, 2021 Mark Carney believes the UK government should support energy users hit by rapidly rising energy costs. With gas prices soaring to record levels, the former governor of the Bank of England appeared to lend his support to the Prime Minister’s upcoming bail-out plans for businesses. The government is set to provide state loans to struggling [...]
Macron pledges €30bn to re-industrialise and decarbonise France October 12, 2021 French president Emmanuel Macron has unveiled a €30bn plan to re-industrialise France, pledging funds to a string of sectors from across green energy to robotics. The plan, dubbed ‘France 2030’, has placed a renewed focus on decarbonising French industry, as the country looks to become a leader in green hydrogen. Speaking at the Elysee Palace, Macron [...]
COP26 is not a ‘photo op’ but an opportunity to ‘step up’, says Alok Sharma October 12, 2021 COP26 lead Alok Sharma is expected to urge world leaders today that the upcoming climate conference is not a “photo op” but where “each country must step up”. Speaking at the UNESCO World Heritage Centre in Paris today, Sharma is set to say: “Responsibility rests with each and every country. And we must all play [...]
Grid investments coming up short risks freezing the UK’s renewables transition October 11, 2021 The conditions are ripe for growth in the UK’s renewable sector as COP26 fast approaches, though a lack of investment could hamper the country’s goals. As policy paves the way for fresh investment and new tech, the renewables sector continues to battle bottlenecks – which could require a doubling of investment over the next 10 [...]
UK-listed firms are most likely to pledge net zero targets, but few will reach them October 11, 2021 UK-listed firms are the most likely to have set a net zero target for their emissions output than their European counterparts, according to a new report. Though just five per cent across the continent are on track to meet their targets. The study, by consulting and outsourcing giant Accenture, found that less fossil-fuel reliant industries [...]
Less than half of Brits think the UK will achieve net zero by 2050 October 11, 2021 Less than half of Brits think the UK will achieve its emissions target of net zero by 2050, according to a new report shared with City A.M. today. The report, by market intelligence firm Savanta, revealed that 42 per cent of the UK think the government’s pledge is ‘likely’, while 46 per cent think it [...]
The UK should ban domestic flights, says advocacy group October 11, 2021 British advocacy group Campaign for Better Transport is calling on the government to ban some domestic flights to reduce the amount of CO2 emissions produced domestically by aviation. If introduced, the ban would end several short-haul routes such as London to Manchester, London to Edinburgh and Birmingham to Glasgow. Travellers would be offered train tickets [...]