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The UK has adopted a binding net zero target and has set out a Net Zero Strategy outlining the
Government's preferred approach to delivery against this target. In addition to strategic public investment, private investment from businesses will be crucial to achieving this target. This makes it essential to have the means of tracking public and private investment flows, understanding their likely impact on carbon emissions, and assessing if they are sufficient to deliver net zero.
While mechanisms exist to assess the environmental impact of individual government policies,
Government has not yet introduced mechanisms to:
1. Track private and public investment flows to net zero and assess if they're sufficient
2. Assess the impact of public tax and spending policies at fiscal events and whether they are helping to get the UK on track for net zero or not
To address this, WWF and E3G, alongside a range of leading businesses and financial institutions, are calling for the Government to publish a Net Zero Investment Plan, to be updated on an annual basis, containing:
1. Assessment of the decarbonisation investment needs of different sectors, aligned with the sectoral transition pathways contained in the Net Zero Strategy
2. Tracking of actual public and private low carbon investment flows, conducted on an ongoing basis by an independent body
3. Reporting, based on application of a Net Zero Delivery Tracker, of the environmental impact of public tax and spending at each fiscal event, in terms of financial flows and projected carbon emissions impact
4. Assessment of the gap between actual and required investment for sectors and plan of how govt will use strategic public finance, policy, and regulation to crowd in private finance to close the gap.
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