IIGCC letter to UK government regarding coking coal in the UK
On 12 February 2021, through IIGCC, 31 investors with more than £2 trillion in assets under management wrote to the UK government regarding the new coking coal mine in Cumbria under discussion, and called for the timetable for the phase-out of all coal developments in the UK to be set out.
The letter, available to download below, notes that the opening of the mine would have a notable impact on the UK’s legally binding carbon budgets and commit the UK to emissions from coking coal, for which there may be no domestic use after 2035. In addition, the letter sets out strong investor support for long-term certainty and the alignment of all government decisions to the Paris Agreement. The letter also highlights that investors support long-term sustainable investments and as part of achieving this, it is important that jobs of the future, rather than jobs of the past, are placed at the heart of communities.