Climate Change Committee confirms voluntary pledges no substitute for financial regulation

London, 28 June 2022

Responding to the Climate Change Committee’s 2022 Progress Report, Fran Boait, executive director of research and campaign group Positive Money, commented: 

“Today’s report confirms that near-term ambition on aligning financial flows with the Paris Agreement is too weak, and it’s very concerning that private sector commitments are waning so soon after COP26. The committee is absolutely right to emphasise that voluntary corporate Net Zero ambitions are no replacement for regulatory action and financial incentives. 

“To maintain credibility in the final months of its COP presidency, the government must use its diplomatic influence to deliver the promised $100 billion of climate finance to low-income countries by 2023, whilst scaling up grant-based assistance and ensuring high-integrity implementation of the UK’s commitment to ending public financing for new fossil fuels overseas. With energy bills set to keep soaring and interest rates on the rise, this is a make-or-break year for government action to shift credit and capital out of polluting sectors and into green ones.”

Notes

• The Climate Change Committee’s ‘2022 Report to Parliament’ will be available online after the embargo date (00:01am Wednesday 29 June 2022) at: www.theccc.org.uk/publications. 

• Positive Money is a research and campaign organisation working towards a money and banking system which supports a fair, democratic and sustainable economy. Set up in the aftermath of the financial crisis, we are a not-for-profit company funded by charitable trusts and foundations, as well as small donations from its network of over 65,000 supporters. www.positivemoney.org.uk.

• For more information from Positive Money or to arrange a briefing/interview with a spokesperson, please contact press@positivemoney.org.uk or Anna Pick on 07948802104.