Investors want to see ‘ambition’ from UK on climate change, Pinchbeck says
Private investors are keen to see “ambition” from the UK government on climate change, the head of an influential emissions body has warned politicians.
Emma Pinchbeck, chief executive of the , which advises the government on emissions targets, stressed that the private sector “likes a bit of ambition”.
The former Energy UK CEO told the BBC she warned the last government that “private investors are moving their money to places where they’ve got a clearer pathway to delivery”.
And she argued pro-market politicians should realise that Britain’s net-zero consensus is a “reason people choose to invest in the UK”.
Asked about the realism of the government’s clean energy by 2030 target, which Sir Keir Starmer was criticised for appearing to water down last week, Pinchbeck said: “I think it’s challenging. We like a bit of ambition in the private sector.
“One of the risks over the last five years was that we were beginning to hear messages about achieving net zero that were perhaps less ambitious.
“As leader of the business trade body [I was] going to the government and saying ‘private investors are moving their money to places where they’ve got more ambition and a clearer pathway to delivery’.”
Net zero stability
Starmer was forced to deny watering down his green energy pledge after setting a target for the UK to be “on track” to deliver 95 per cent clean power by 2030 at a ‘milestones’ speech, with ministers insisting this was consistent with the UK maintaining a “strategic gas reserve”.
The Labour manifesto and his ‘missions’ of almost two years ago both promise “zero-carbon electricity” by 2030, but his updated pledges promise a measure in line with National Energy System Operator (Neso) advice aiming for 95 per cent reliance on “low carbon generation”.
“In terms of where we need to get to on clean energy by 2030, it’s exactly the same as it always was,” he insisted. “There’s always going to be a mix… we’ve not changed it today.”
On the question of whether the consensus around moving towards net-zero is fracturing, as politicians face public concern about affordability, she argued: “Quite often it’s raised with me by international investors that we’ve got this perceived stability on the politics of net-zero.
“Having clarity from the government and most of our political parties has been incredibly valuable.”
Climate change polling
A YouGov poll in November found 35 per cent of Reform UK voters said they believed climate change was due to human activity, compared to 71 per cent of the wider public.
But during the election campaign, Farage, whose party’s manifesto – or contract – pledges to “scrap net zero and related subsides” and argues for protecting the environment via “more tree planting, more recycling and less single use plastics”, said to the BBC: “I’m not arguing the science.”
Pinchbeck commented: “You can – as Reform is – come up with your own route through to delivering on climate change. What you can’t do.. is pretend climate change isn’t a problem for the economy.”
She added: “On cost, it’s very clear from our pathway and most analysis I’ve ever seen that this energy transition is good for the macro economy… electricity looks to be cheaper and we can use it more efficiently.
“Our advice would be for both households and the economy, we can see if you have these technologies you’re better off.”