The watered-down climate goals announced by Prime Minister Rishi Sunak last week would delay the take-up of electric vehicles and the rollout of clean heat for British homes. It is the latest in a string of similar policy adjustments that include expanding North Sea oil and gas production.
Some of the world’s biggest green investors are voicing dismay and bewilderment as they struggle to digest the UK government’s stated intention to wind back key climate commitments.
“It was a complete shock,” said Ian Simm, founder and chief executive of London-based Impax Asset Management Group, a low-carbon fund investor overseeing close to US$50 billion ($68.28 billion) in assets. Britain’s official policy now represents “a risk for anyone considering an investment in the UK that’s dependent on government policy,” he said.
