Britain’s most powerful business leaders have called on Boris Johnson to set out economic recovery plans that align with the UK’s climate goals to help rebuild a resilient UK economy in the wake of the coronavirus crisis. Almost 200 chief executives – from companies including HSBC, National Grid, and Heathrow airport – signed a letter to the prime minister calling on the government to “deliver a clean, just recovery”.
The letter calls for a recovery that “creates quality employment” and helps to build “a more sustainable, inclusive and resilient UK economy for the future”. It was also signed by the heads of Aviva, Lloyds Banking Group and BP’s UK business. The letter emerged days after MPs called on the government to deliver £30bn in green aid to help to accelerate “faster, further, fairer” action to help tackle the climate crisis and the economic consequences of the coronavirus lockdown.
First, the government should include a combination of targeted public investment and clear policy signals to support growing private sector investment in low-carbon technologies. These might include tax incentives or a penalty price on carbon emissions. Second, the government should prioritise sectors within the economy that can stimulate jobs, spur the economy and help lower the UK’s emissions. These include construction, renovation and energy efficiency, and low-carbon electricity and electric vehicle infrastructure. However, the International Energy Agency (IEA) has warned that the economic fallout of the coronavirus could pose a threat to climate action unless governments use green investments to help support economic growth through the global slowdown.
Source: Guardian
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