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The government and private sector will pour £16bn into the North Sea oil industry over the next decade in a bid to reduce carbon emissions, business secretary Kwasi Kwarteng announced today. Under the new “North Sea Transition Deal”, ministers will be able to block future oil and gas exploration on the continental shelf if it [...]
Since 2016, the world’s 60 largest banks have poured more than $3.8 trillion into the fossil fuel industry, a new report released today has shown. Despite the signing of the Paris climate accords in 2015, lenders have continued to provide hundreds of billions in financing for polluting industries such as tar sands oil, coal, and [...]
Efforts around the world are focused on making businesses more sustainable, with ever greater emphasis on innovative technology to help solve the climate crisis we face. There was a dearth of climate-related announcements in Rishi Sunak’s Budget speech earlier this month. Sunak did, however, reiterate the Government’s plan to establish the UK as a “science [...]
Financial services firms are struggling with net zero targets, with more than half (51%) of firms saying they do not yet have a target in place to achieve carbon neutral status. Just 18 per cent of financial services firms have a plan to achieve carbon neutral status by 2025, and 16 per cent claim they [...]
The world must invest $131 trillion (£94 trillion) in clean energy resources over the next 30 years in order to hit the climate targets set out in 2015’s Paris accords. A new report from the International Renewable Energy Agency (IRENA) found that investment must increase $33 trillion from current plans over the coming decades if [...]
Central Banks, including the Bank of England, must have a strategy for helping countries achieve net zero emissions, according to a report published today. The report, funded by the European Climate Foundation, argues that achieving a net zero economy is the best way of minimising the risks of climate change. It calls for central banks [...]
One of the UK’s most influential business groups has called for the government to deliver wholesale changes to the country’s tax regime in order to hit its 2050 net zero target. The CBI said that instead of making changes to individual taxes, ministers should instead pursue “fundamental change with a holistic, coherent tax plan”. It [...]
Two government committees have hit out at the government over a lack of detail in its climate change plans ahead of this year’s COP26 conference. In a new report released today, the influential Public Accounts Committee (PAC) said that two years on from fixing its net zero target in law, the government had “no plan” [...]
Global carbon emissions have already returned to pre-Covid levels due to surge in energy usage driven by the global economic recovery to the crisis. According to data from the International Energy Agency (IEA), emissions were 2 per cent, or 60m tonnes, higher in December than they were in the same month a year earlier. That [...]
Barclays faces a second consecutive year of shareholder pressure on its position as Europe’s largest fossil fuel financier, after a shareholder resolution has been filed for the bank’s upcoming AGM on 5 May. The resolution calls for financing and exposure to coal, oil and gas to fall in line with the Paris Agreement’s climate goals. [...]
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