Dalelorenzo's GDI Blog
2May/210

JP Morgan and Citi pledge multi-trillion dollar green finance blitzes

JP Morgan and Citi pledge multi-trillion dollar green finance blitzes

Investment banks bolster their environment finance commitments for coming decade in last wave of Wall st. net zero financing targets

US investment banks JP Morgan Chase and Citi have significantly ramped up their environment finance commitments, yesterday launching schedules that would amount to several trillion dollars in sustained and low-grade carbon investment in the coming decade.

In separate bulletins yesterday, Citi has committed to delivering$ 1tr in sustainable finance by 2030, of which half will go to climate answers, while JP Morgan Chase said here today promote and finance$ 1tr in lettuce initiatives by the end of the activities of the decade as part of a major $2.5 tr sustainable finance target. The two banks, which are among the world's largest funders of fossil fuels, both quoted the need to use their significant influence to tackle climate change.

In a blog post on Thursday morning, Citi's head of global public affairs Ed Skyler sanctioned the bank would support a wide array of environment mixtures, including renewable energy, lettuce constructs, sustainable agriculture, and clean-living engineerings, aimed at accelerating the transition to a sustainable and low-carbon economy.

The bank's existing target to deliver $250 bn of environmental finance by 2025 has been ramped up to unlocking $500 bn by the end of the decade, it said.

"Given our world-wide footprint and our capacity in supporting financial undertaking around the world, Citi has a capacity to play in achieving the[ UN] Sustainable Development Goals - and in this moment as we look towards surfacing and rehabilitating from the Covid-1 9 pandemic, it's more crucial than ever that we address these priorities together, " Skyler wrote.

It comes only weeks after Citi announced it is targeting net zero enterprises by 2030 as well as net zero financed emissions by mid-century, amid a gesticulate of climate hopes that have swept US investment banks in recent months.

JP Morgan, meanwhile, yesterday committed to unlocking$ 1tr of such investments for initiatives that accelerate the deployment clean energy and promote the transition towards a low-carbon economy by the end of 2030, as part of a broader $2.5 tr financing programme dedicated to sustainable development.

JP Morgan CEO and chairperson Jamie Simon said the bank was "committed to doing its part" in delivering a low-carbon economy. "Climate change and difference are two of the critical issues of our time, and these brand-new exertions will help create sustainable economic development that should contribute to a greener planet and critical investments in underserved communities, " he said. "Business, government and policy leaders must work together to support long-term mixtures that improvement fiscal inclusion, bolster sustained economic development and further the transition to a low-carbon economy."

The bank, which is the largest in the US by assets, said it would help its consumers "navigate the challenges and long-term benefits" of the low carbon modulation through sustainability-focused, research and advisory services and a dedicated 'green economy' team that specialises on clean-living vigour, economy technologies, sustainable finance and agriculture and food technology.

It follows the JP Morgan's commitment last year to align its financing works with the goals set by the Paris Agreement.

The recent bulletins from JP Morgan and Citi come less than a few weeks after Wall Street rival Bank of America similarly committed to providing$ 1tr in "low carbon investment" by the end of the activities of the decade, as part of its own recently-announced goal of delivering net zero emissions across its financing work, operations and supply chain by mid-century.

Yet such commitments from major US investment banks are unlikely to quell scepticism from green activists, as many of these fiscal monstrous followed up with plough substantial sums of investment into fossil fuel industries. Statistics published earlier this month by the Rainforest Action Network revealed Citi and JP Morgan Chase are the banking sector's most prolific fossil fuel funders, having cater $237.5 bn and $316.7 bn respectively into fossil fuel houses in the five years since the Paris Agreement. Green groups have therefore chosen to bickered long-term climate targets and finance commitments must also be backed by act in the short term to divest from fossil fuel firms.

Read more: businessgreen.com

28Apr/210

Net Zero Festival: Michael E Mann confirmed as first keynote speaker

Net Zero Festival: Michael E Mann confirmed as first keynote speaker

Globally renowned atmosphere scientist to deliver opening keynote, as curve of high profile spouses established for the second largest annual Cyberspace Zero Festival

Leading climate scientist and generator Michael E Mann has been confirmed as the first keynote loudspeaker for the Net Zero Festival 2021, as the programme for this autumn's landmark celebration of the net zero transition takes shape.

Mann will speak to BusinessGreen editor James Murray on the first day of a three daytime programme, which kickings off on September 29 th and will bring together some of the world's top business leaders, politicians, academics, and activists to explore all aspects of the net zero mission.

BusinessGreen can today too has demonstrated that the occasion will be hosted by a listing of passing broadcasters, including Krishnan Guru-Murthy, Gavin Esler, and Lucy Siegle. Further talkers and details of a series of virtual and in-person fringe events are to be announced in the coming weeks.

"With a critical mass of governments, municipalities, and corporates pledging to build a net zero emission economy within three decades it has never been more important to fetch people together to explore how best to accelerate climate action and tackle the many barriers to progress, " said Murray. "As such we're delighted to be joined by one of the world's most reverenced environment scientists in Michael E Mann to discuss the true magnitude of the challenge onward and how it might be overcome. His is the first name in what is set to be a stellar fete line up that we will be announcing during the coming weeks."

Now in its second year, the Festival is also drawing on the assistance provided by a raft of high profile spouses that are all working to advance the net zero transition, including cause spouses Schroders and SNC-Lavalin, prime place patrons ENGIE and Bank of America, and Net Zero Fringe partner GSK.

In addition, NGO marriages such as CDP, WWF UK, Green Alliance, the Green Building Council, Bankers for Net Zero, Carbon Tracker, the IIGCC, the UN Global Compact Network, the Zemo Partnership, and many others are also supporting the development of the Festival.

You can now register your interest in attending the Net Zero Festival or staging a fringe contest through the Net Zero Festival website.

The Net Zero Festival is part of year-long series of events exploring all aspects of the net zero transition, which kicked off with the inaugural Net Zero Finance Summit earlier this month and continues on May 27 th with the Net Zero Nature Summit, tickets for which are now available.

"A third of the UK's biggest rostered firms are now committed to delivering net zero emissions and the pursuit of a perfectly decarbonised economy is the top priority for the historic COP2 6 Climate Summit in Glasgow this November, " said Murray. "As such the net zero transition is now well established as the defining trend of the senility for businesses of all sizes and the Net Zero Festival provides a unique opportunity to unite business, policymaker, and activists in discussing how to steer the tumultuous and tremendously eliciting dark-green industrial revolution."

Read more: businessgreen.com

27Apr/210

Ditching Green Homes Grant scheme will hit north hardest, think tank warns

Ditching Green Homes Grant scheme will hit north hardest, think tank warns

Regions of northern England most likely to miss out on urgently needed upgrade work when Green Homes Grant voucher scheme closes for works today, ECIU reminds

The government's shock decision to ditch its flagship Green Homes Grant vouchers scheme is set to disproportionately affected northern regions of England, where 223,000 residences are expected to miss out on the opportunity to fund critical measures to upgrade draughty assets, analysis today claims.

To date, the North West, North East, Yorkshire, and Humber fields have accounted for more than 40 per cent of applications did through the energy efficiency upgrade scheme, which is set to close for good to new applications at 5pm today.

As a upshot, these regions - which have been shown to have among the highest proportions of draughty, wasteful homes in the country - are set to be harder hit by the scrapping of the grants programme compared to London and the South East, which have thus far accounted for around 20 per cent of cases of lotions, the Energy and Climate Intelligence Unit( ECIU) found.

Yet alongside the Midlands, where another 112,000 homes are expected to miss out on Green Homes Grant vouchers, these northern regions of England likewise have some of the highest rates of ga poverty and the greatest proportion of homes falling below national energy efficiency standards, according to the think tank.

ECIU analyst Jess Ralston warned that with the authorities concerned determining a aim for all dwellings to reach Energy Performance Certificate band C by 2035, and decarbonising dwellings widely regarded as one of the UK's biggest challenges in converge its 2050 net zero radiations purpose, ditching the Green Homes Grant planned could prove a downwards step that negatively impacts both householders and workers.

"Pulling the plug on the Green Homes Grant transmits the wrong word to countless brand-new Conservative voters in the North and Midlands which is able to regrettably bear the brunt of separated promises to fix up millions of leaky residences, " she said. "Local parishes will too be harmed by the inability to deliver thousands of new skilled enterprises, a core tenet of the government's aims to level up the nation at the same time as bringing releases down to net zero."

Launched last year as a cornerstone of its 'green recovery' agenda, the government's Green Homes Grant Scheme had offered up to PS5, 000 off the costs of carrying out upgrade measures such as installing insulation or low-pitched carbon heating system, rising to PS10, 000 for low income households.

However, with the scheme beset by myriad administrative troubles from the beginning, which verified both applicants and installers struggle to register for the planned and exclusively a fraction of the intended budget awarded over its first six months, the government unceremoniously ditched its own initiative on Saturday. It were originally named a purpose for 600,000 dark-green residence improves to be delivered through the arrangement, but really a fraction are thought to have been handed out its short-lived lifespan due to administrative problems.

The government rendered merely four days' notice for householders to get in their applications for vouchers before the scheme closes for good at 5pm today, leaving no alternative grant scheme in place to help middle-income earners fund energy efficiency upgrades to their dwellings. Question distinguishes likewise surround what will happen to the initial PS1. 5bn plan given to cover the first year of the scheme, much of which has not been spent.

But the Department for Business, Energy and Industrial Strategy( BEIS) feuded ECIU's digits and stressed that millions of pounds of funding was still being available through several other government schemes to support light-green dwelling upgrades in northern regions.

On Saturday it announced an additional PS3 00 m funding to help low income householders decarbonise their residences through two separate funding schemes run by local authorities, which it said "ve brought" its total spending on energy efficiency measures to PS1. 3bn in 2021/22. And it stressed that all works received before 5pm today would be processed in the coming months with vouchers apportioned as promised where dwellings are deemed to be eligible for grants.

" More than PS60m of lettuce government funding has already been given to 24 parliaments in the north west , north east and Yorkshire and Humber to retrofit more than 7,500 dwellings, establishing the country's first decarbonised communities and substantiating up to 8,000 green chores each year as we improve back better and greener from the pandemic, " BEIS claimed in the following statement. "Homes in the countries of the north of England will likewise benefit from the PS300m of extra funded for dark-green residence improves national which we have announced recently - helping people to cut emissions, save money on their energy bills and keep warm."

Even so, the decision to scrap the scheme caused immediate commotion among campaigners, politicians, and customs alike, with some arguing the Green Homes Grant Scheme's die was "an avoidable tragedy", as its administrative problems have had an opportunity to ironed out over time.

Ralston further stressed today that "there is no way to get to net zero without attacking emissions resulting from our homes", as pres settings on the government to come forward with a brand-new, alternative scheme for funding lettuce residence modernizes ahead of its hotly-anticipated Buildings and Heating Decarbonisation Strategy in May.

"Public participation is essential in reaching this goal and so far the government is doing its best to shape lifetime difficult for genealogies keen to taking any decision on their carbon footprints, " Ralston said.

The government has repeatedly reiterated its commitment to "building back greener from the pandemic", insisting the Prime Minister's 10 Point Plan for a Green Industrial Revolution published last year provides a "clear strategy" for reaching net zero releases by 2050 while also boosting light-green jobs and growth.

But commenting on ECIU's sees today, Brian Robson, executive director at the Northern Housing Consortium - which represents 140 committees and room associations across the North - said a clearly defined, long-term policy commitment was needed from the government to help upgrade notoriously draughty homes across the region.

"The North's homes are older and colder than the national average, so it's only natural that there were high levels of interest in the Green Homes Grant from our regions, " he showed. "The North of England needs an end to stop-start policy on home improvements: simply a long-term commitment to decarbonise our homes will enable us to build the skills and supply series necessary to undertake this work at scale. If we get that commitment from government, we can create thousands of good light-green activities, delivering not just on net zero, but levelling-up too."

Read more: businessgreen.com

23Apr/210

Net Zero Finance: Navigating the booming climate, green and transition bond market

Net Zero Finance: Navigating the booming climate, green and transition bond market

VIDEO: Climate Bond Initiative's Sean Kidney, LaFargeHolcim's Nicolas Vaniet, MSCI's Elisabeth Seep, and Ben Caldecott of the Oxford Sustainable Finance Programme discuss the trends, challenges and potential of the rapidly evolving dark-green bonds grocery

The emergence of brand-new ligaments in support of the net zero transition has is an element of the large-hearted storeys of the past few years, with light-green finance issuance set to surge by 60 per cent in 2021. What are green ligaments - and surely, climate ligaments, modulation alliances, and blue alliances - and why are they important? How can the sector progress to meet the demand? What division can the government play in this market?

To discuss these issues and offer their expert insight on this fast growing sector, Climate Attachment Initiative co-founder and CEO Sean Kidney, LaFargeHolcim's head of fund and front office Nicolas Vaniet, MSCI's executive director for ESG concoctions Elisabeth Seep, and Ben Caldecott, director of the Oxford Sustainable Finance Programme at Oxford University's Smith School of Enterprise and the Environment, gathered together for a fascinating chat at BusinessGreen's recent Net Zero Finance summit. Their conversation can be watched in full above.

All of the panel debates, keynote speeches, and presentations from BusinessGreen's recent Net Zero Finance summit event - which took place on 16 March and featured values of top talkers from business, politics and academia - are now available to watch again on demand for those who have signed up to the incident through the Net Zero Finance website and on Swapcard.

Read more: businessgreen.com

14Apr/210

Reports: PM pushing for domestic insulation programme to succeed embattled Green Homes Grant

Reports: PM pushing for domestic insulation programme to succeed embattled Green Homes Grant

Bloomberg reports discussions about a brand-new domestic insulation curriculum is taking place in the top echelons of authority as fresh research foregrounds low-carbon home retrofits could produce hundreds of thousands of jobs

Prime Minister Boris Johnson and Business Secretary Kwasi Kwarteng are said to be pushing for a brand-new dark-green residences retrofit program in the wake of the recent decision to slash funding for the Green Homes Grant, according to reports.

Bloomberg reported on Friday that generators familiar to the matter said discussions are underway about a longer-term domestic isolation curriculum that enables you to build the UK's housing stock more vitality efficient.

The news agency said sources had discovered Johnson and Kwarteng were pushing for the programme, while the Treasury was said to be seeking to redirect stores elsewhere.

The reports come after the government took the contentious decision to reduce funding for its flagship dark-green home stimulus programme, the Green Homes Grant, to PS320m over the 2021 -2 022 excise year, despite merely holding out a fraction of the PS1. 5bn originally promised to homeowners through arrangement since the launching last September.

The roll out of the scheme, which provides vouchers to home owners to help fund the installation of low-grade carbon heating system or energy efficiency modernizes, has been haunted with issues that the government has largely denounced on dislocation caused by the pandemic. Nonetheless , trade unions and dark-green groups have argued that the programme has been undermined by recited administrative issues, pay delays, and the initial deadline for all the budget to be used by the end of March.

Sources also told Bloomberg the government had decided to delay its landmark building decarbonisation policy plan, the Heat and Buildings Strategy, to May, two months of its original March date.

The long-awaited policy document is expected to set out how the government intends to decarbonise the UK's building stock, who has responsibility for roughly 40 per cent of the UK's carbon emissions. The UK's homes alone have the responsibility of 14 per cent of the country's emissions, with the majority of members still powered by fossil fuel and inadequately insulated.

A spokesperson from the Department for Business, Energy and Industrial Strategy did not confirm nor disclaim the report, but spotlit the energy efficiency increases that had been delivered through the Green Homes Grant programme since the launching. "Over 27,000 Green Homes Grant vouchers worth PS115m have already been issued, helping us improve the energy efficiency of homes, and we continue to work with the scheme's administrator to ensure voucher lotions are processed as quickly as possible, " they said.

They also emphaised the scheme had been impacted by homeowner's reticence to welcome tradespeople into their house during a pandemic. "The Green Homes Grant Voucher Scheme was designed to provide a short-term financial stimulus while tackling our contribution to climate change, " they said. "However, the prevalence of Covid-1 9 since the scheme's launch in September last year has led to an understandable hesitancy on the part of the public to welcome tradespeople into their homes."

Industry groups and environmental campaigners have accepted such an interpretation, arguing the scheme's struggles were more the result of administrative defers and a failing of the government to give suppliers and installers sufficient time to scale up to meet growing demand.

Reports that its authorities may design a new structure decarbonisation programme comes just days after a new analysis from UK1 00, the University of Leeds and LSE highlighted that more 1.2 million dark-green enterprises could be created in manufacturing and building if the government "committed to the dark-green economy".

In a report published late last week, professors wish to stress that the change to a lower-carbon economy could deliver a "green boost in blue collar jobs" noting that hundreds of thousands of jobs will be needed to compile the UK's 29 million residences more vitality efficient over the coming years.

Lancashire is highlighted as the orbit with the highest potential for new green creation and property-related professions, with more than 33,500 characters likely to be created or in demand, followed by Hampshire and Essex, where roughly 27,000 and 25,000 rackets could be created or in demand, according to the update.

Overall, the shifting to a light-green economy will rely on three million jobs across a variety of spheres, according to the report.

"Across the UK, the move to a greener economy will create thousands of new jobs in every local parish, " said chairman of the UK100 Polly Billington. "It's really important we don't lose sight of this critical long-term goal - so the Prime Minister can meet his explicit goal of construct back better."

The UK Green Building Council has estimated that for the UK to reach its legally-binding net zero goal by 2050, 1.8 homes need to be retrofitted every minute between now and 2050.

Read more: businessgreen.com

19Mar/210

‘Opportunity to reset’: How MPs are urging the Treasury to use tax policy to drive green recovery

'Opportunity to reset': How MPs are urging the Treasury to use tax policy to drive green recovery

Environmental Audit Committee Chair Philip Dunne talks to BusinessGreen about the need for 'a tax system fit for net zero Britain' and the right time to judge whether the government has delivered on its light-green retrieval predicts

MPs are urging the government to use the upcoming Budget to usher in a major alteration of the tax system to align the UK's spending plans with its net zero and biological diversity commitments, alerting experience is running short to deliver on its promise of a dark-green economic recovery from the coronavirus crisis.

Parliament's Environmental Audit Committee( EAC) today launched a wide-ranging report on the government's lettuce recuperation agenda which says major reforms to UK taxation and the speedy release of long-awaited policy approaches will be central to laying the foundations of a greener, job-rich economy that protects nature.

Among a long list of proposed actions, it calls for cuts in VAT for light-green produces, the creation of a new National Nature Service to help protect wildlife, and scoping work to explore the potential for implementing an economy-wide carbon tax and carbon territory adjustments to drive investment in low-toned carbon infrastructure and action 'carbon leakage' from the UK economy.

Other recommendations include urgently delivering clear strategies to deliver new carbon capture and storage( CCS) and hydrogen projects, specifying clear and ambitious targets in the delayed Environment Bill, lay the foundations of domestic EV battery manufacturing at magnitude, and aligning the UK's net zero and sort agendas.

It likewise calls on the government to "rigorously" assess its PS27bn road building programme against the UK's air quality, atmosphere, and biodiversity objectives before individual programmes continue - a recommendation that follows disclosures arising from an on-going law challenge that Transport Secretary Grant Shapps overrode official advice that the controversial program should be reviewed on environmental grounds.

Philip Dunne MP, chair of the EAC, said the Covid-1 9 pandemic was a symptom of the wider environmental crisis the world currently faces, and should be treated as a "wake-up call" for Ministers to set the UK on a far more ambitious pathway to a net zero release, biodiverse future.

"The economic recovery will mold our national economy for decades to come, and it necessary that tackling climate change and rebuilding nature is at its core, " said the Conservative MP for Ludlow. "There will be no inoculation against runaway climate change, and it is our responsibility now, abusing the opportunity of the economic recovery, to set the UK on track for net zero."

The Chancellor is set to deliver the Budget on 3 March, and the EAC implored Rishi Sunak to grasp the opportunity to bring forward a raft of proposals to encourage green behaviour change and drive investment in low carbon engineerings and nature-recovery efforts.

One of the main recommendations in the report centres on slashing VAT on green concoctions for house energy efficiency upgrades and low-spirited carbon construction measures, as well as for repair services and products containing reused or recycled fabrics to boost uptake and investment in circular economy endeavors - a suggestion that was propagandized up the agenda earlier this month with the launch of a brand-new safarus by the Daily Express similarly calling for VAT to be axed on dark-green products.

The EAC also repetition calls for an overhaul and increase for the troubled Green Homes Grant programme, following weeks of negative headlines arising from administrative problems with the arrangement and approval from the government last week that it is withdrawing over PS1bn from the initial budget of the stimulus package.

Further tax motivations is appropriate to be given to ultra-low emission vehicles to boost uptake, while other current environmental taxes - such as Air Passenger Duty - should be reformed in order to better reward and drive efforts to develop greener aircraft technology, the EAC argued.

And, the Committee urged the government to begin scoping work on an economy-wide carbon tax - which it said would be "one of the most economically efficient ways to incentivise low-toned carbon choices" - in addition to looking at the potential merits of carbon territory adjustments.

"A tax system fit for net zero Britain is key, " said Dunne. "It will encourage innovation, give confidence to the sector and patronage a corporation to fix the low-carbon transition. There are endless initiatives that can lead to a greener future and the Chancellor should use his upcoming Budget statement to start this process."

Whether or not the Chancellor will take up the recommendations remains an open question. The report follows criticism from the government's spending watchdog, the National Audit Office( NAO ), last week which accused the Treasury and HRMC of having exclusively a "limited understanding" of how the UK's tax regime patronizes atmosphere and environmental objectives. Meanwhile, political opponents have thrown the authorities concerned for failing to deliver a multi-billion pound lettuce stimulus program similar to those adopted by Germany and France.

As such, calls are growing for the government to deliver on its promised 'build back better' agenda on variou figureheads. The EAC's calls for VAT reform resemble those which have frequently come from a range of business and environmental groups over the past year, such as Green Alliance, the REA, and even the Sustainable Restaurant Association( SRA ), while proposals for an overhaul of carbon pricing program and the urgent verification of a raft of decarbonisation policies have widespread backing from business leaders.

Dunne told BusinessGreen he was looking to the upcoming Budget for the government to set a more ambitious course for a light-green retrieval, as he said there was a need for a "wider debate" about how taxation could be used to support the UK's net zero transition.

"What it is essential to do as we pate towards net zero Britain is to open up a debate across the country about how should tax policy and concedes - incentives as well as retributions - be directed to help people change behaviour, " he said.

Green asset

The report also takes aim at the Bank of England's money programmes, following criticism from green campaigners that in the wake of the first Covid-1 9 lockdown last year the central bank did not place enough 'green strings' to the financial and lend supporter it offered to struggling high carbon companionships, such as airlines.

Going forward, the Bank should therefore ensure it includes climate and nature objectives in future pandemic-support programmes, such as requiring that recipients publicly disclose the climate threats facing their business in line with the Taskforce on Climate-related Financial Disclosure specifications, according to the report. It should also be given a specific mandate to help drive the net zero transition, and reduce the carbon intensity of its corporate ligament portfolio, the report added.

Meanwhile, the report says the government should ensure its proposed National Infrastructure Bank( NIB) escapes a same fate to its effective predecessor - the Green Investment Bank - which was sold off to the private sector in 2017. It calls for an "unequivocal guarantee", potentially in law, that the NIB will remain a populace academy for the long term, adding that it should be given a mandate to promote projects focused on nature recovery, in addition to its proposed net zero mandate.

'Opportunity to reset'

The government has repeatedly sought to position its pandemic recovery plans as an opportunity to build a greener economy, particularly given the UK is set to co-host the critical COP2 6 UN climate change summit in Glasgow later this year. Last-place time, the Prime Minister Boris Johnson promised to "build back better" from the crisis, before unveiling his 10 Point Plan for a Green Industrial Revolution in the autumn.

But amid several adjournments to crucial cyberspace zero programs - such as the Transport Decarbonisation Plan - as well as the contentious withdrawal of funding from the government's flagship Green Homes Grant scheme last week, environmental groups have questioned the Treasury's commitment to delivering a genuinely dark-green recovery.

"What such reports to consider ways to point towards is that some things[ the authorities concerned] have doing well, and some things they may have been disconcerted and haven't gone to plan, " reasoned Dunne. "So there's an opportunity to reset and get back on board."

Caterina Brandmayr, head of climate policy at Green Alliance, said the EAC's report "rightly articulates the spotlight on what the government still needs to do to deliver a light-green recovery".

Harnessing the Budget and forthcoming net zero strategies to deliver an environmentally responsible stimulus would "benefit businesses and communities across the country, and ensure the UK is seen as an environmental world leader as it prepares to host firstly the G7 and then COP26", she said.

Responding to today's EAC report, nonetheless, the authorities concerned vowed it was committed to a light-green retrieval, and foreground its plans to launch the UK's firstly sovereign light-green attachment this year and acquaint mandatory climate danger revealings across the economy by 2025.

"We're committed to building back better and greener from the pandemic, which is why the Prime Minister's Ten Point Plan will employ the UK at the forefront of the world-wide lettuce industrial coup and make hundreds of thousands of green occupations, while the Treasury's Net Zero Review is examining how the transition to net zero should be funded, " the government said in a statement.

Green homes award fiasco

But concerns and confusion continue to surround the government's flagship programme that was meant to be at the heart of its much-trumpeted 'green recovery' agenda.

The PS1. 5bn Green Homes Grant scheme was launched last-place summertime in a bid to provide discount vouchers that would reduce the cost of energy efficiency modernizes on homes. However, the arrangement has suffered from a multitude of difficulties from the beginning, with entrants facing administrative hurdles in accessing the programme and procure accredited tradespeople to carried out under the residence refurbishes, while there have been reports of installers themselves losing money, faculty, and business due to late pays through the scheme.

And in a surprise move last week the government sanctioned plans to remove potentially over PS1bn from the scheme's budget that remains unspent by the end of March. The authority blamed householders' reluctance to have tradespeople enter their homes as the primary motive of the Green Home Grant Scheme's travails, but this explanation was roundly disagreed by business groups and political opponents.

The EAC has kept a close gaze on the scheme, earlier this month revealing simply over 21,000 vouchers towards the cost of home improves have been issued to date, a fraction of the government's ambition to hand out 600,000 lettuce improvement vouchers.

Dunne too told BusinessGreen that in the evidence he had seen from applicants to the scheme nobody had cited Covid-1 9 frights related to installers participating their residences as a core problem. "The fact that merely a third of those applying for vouchers have had them approved tells a slightly different story, " he said.

For its part, the government said it would "continue to bring forward bold measures to cut emissions, with plans to invest PS9bn in improving the energy efficiency of buildings forming part of our wider commitment to end our contribution to climate change by 2050 ".

However, while BusinessGreen has repeatedly sought to confirm whether or not the government's goal of improving 600,000 residences through the Green Homes Grant scheme remains in place given its drastically reduced budget, BEIS has yet to provide clarification.

The EAC today therefore reiterated its demand for the authorities concerned renovation the anxious arrangement, and give it beyond its current March 2022 cut-off date in order to provide businesses and householders the long-term certainty they need to hire and train additional installers and submit applications for vouchers.

Fund evaluation

Whether the UK government can deliver a truly light-green convalescence from the current economic crisis remains to be seen, but with its leadership on climate change under the spotlight in the run up to COP2 6, it will be under significant influence to back up its encouraging 'build back better' rhetoric with discernible activity. The latest controversy over the Green Homes Grant, recent failures scrutinizing this reputational impairment incurred by allowing the progress brand-new coal mines, and the huge pipeline of long-awaited light-green policy decisions, have all served to undermine confidence that Minister have the key priorities straight-out, with the Treasury widely considered to be one of the key barriers to the development of a believable light-green recovery strategy.

For Dunne, however, the window for action is still open, and the coming weeks and months now offer a critical opportunity to set the government's recovery efforts on an daring lettuce track. The upcoming Budget and following few months therefore look set to provide the clearest exam hitherto of whether the government's light-green recovery predicts will be met.

"That will be the time to assess how effective[ the government's endeavours] ought to have, " said Dunne.

Read more: businessgreen.com

14Mar/210

Green uniforms: David Luke Schoolwear completes 1,000-panel rooftop solar plant

Green uniforms: David Luke Schoolwear completes 1,000-panel rooftop solar plant

Solar plant at garb provider's Manchester headquarters established possible by dark-green loan from HSBC

David Luke Schoolwear, one of the UK's biggest clas attire providers, has installed more than 1,000 solar battery on the rooftop of its headquarters in Manchester, in a move designed to slash energy bill costs and curb its environmental footprint.

The completion of the project was announced this week by HSBC, which provided the family-run business with a "six-figure" loan to finance the clean-living vitality project.

David Luke Schoolwear is now expecting to save up to 3,600 tonnes in carbon emissions over the 25 -year lifetime of the 295 kWh installation, which covers an an area of 1,700 square metres, it said.

Kathryn Shuttleworth, managing board of David Luke Schoolwear, indicated by the savings generated by the solar facility would pay back the upfront installation cost of the regalium within eight years.

"We're delighted to see the completion of this project, the latest in a germinating roll of successful green strategies across the business, " she said. "These solar panels support our long-term sustainability targets, but the financing will also recognize monetary returns, with the solar roof expected to pay for itself in cost savings after only seven to eight years."

She added that the project was "the latest in a proliferating roster of successful light-green initiatives" from the business, which also includes making garbs from recycled polyester wool from plastic bottles.

HSBC's relationship director Richard Beaumont said the light-green lend required in order to David Luke Schoolwear was the first the bank had required in order to a mid-sized enterprise in the North of England. "We're unbelievably proud to be to finish the deal with David Luke Schoolwear, " he said. "The family-run business has proven its dark-green credentials at the highest level and this investment in solar panels signals another positive move for the future."

Meanwhile, Robert King, the bank's head of sustainability, indicated by the light-green loan programme was a critical element of the bank's drive to becoming a' net zero' institution by mid-century.

"The work being done on HSBC UK green credits across the country is innovative and an integrated part of our commitment to help business thrive in the transition to cyberspace zero, " he said. "By supporting SMEs, mid-sized enterprises and sizable corporate organisations with dedicated sustainable funding, we can ensure the long term financial and environmental health of UK businesses."

Want to find out more about Net Zero Finance and the speculation trends impacting the enterprises and investors of all types? Then join us at the Net Zero Finance pathway event, as one of the purposes of the Net Zero Festival 2021, which will take place online on March 16 th. You can request an invitation to the event now.

Read more: businessgreen.com