IIGCC letter to the UK Prime Minister regarding UK net zero transition milestones
On 13 July, IIGCC wrote to the UK Prime Minister Boris Johnson to highlight that with current policies the UK is on track to deliver only one-fifth of the emission reductions needed by 2035 to meet the sixth Carbon Budget. While progress in ambition has been made, further policy commitments are needed, with details setting out how delivery will be scaled up, in order to put the UK on a credible pathway for achieving net zero.
In particular, clear sectoral transition pathways from UK government would support a harmonised understanding between all actors on the transition and, in turn, speed up the deployment of net zero investment. Investors would be able to set targets for portfolio emission reductions consistent with the pathways, engage with companies regarding their alignment with the pathways, evaluate the potential for stranded assets, assess the need for asset write-downs and inform timetables for potential divestment.
The full letter is available to read and download below.