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Widescale investment needed to achieve climate goals, says Privilege

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Privilege Finance is urging widescale investment in green technology to cut UK emissions by 78% by 2035.

Privilege, a specialist funder of projects which reduce carbon and mitigate against climate change, responded to the government’s sixth carbon budget to say that while it supports the agenda, more needs to be done to secure investment in the sector.

“We are wholeheartedly supportive of the government’s world-leading ambitions to reduce carbon emissions to this level,” said Chris Winward, director at Privilege.

“However, as a UK-based financer focused on climate change reduction, we have invested over £600 million (€689 million) into schemes which help reduce carbon emissions, helping towards the UK meetings its carbon targets. Yet, we know that more widescale investment is needed in these technologies to really drive progress against this goal.”

According to the Energy Savings Trust, progress towards the UK’s net-zero carbon emissions targets to date has largely been due to the nation changing the way it generates energy.

“Without longer-term policies which support the growth of the green energy sector, the industry is not accelerating at the rate required to support such ambitions,” said Winward.

“We want to see policies introduced that provide clear action and outcomes, which will mitigate risk and attract greater investment. For example, this may mean legislation around food waste recycling, which specifies it should be processed to produce green energy.

“The government’s target sets a global precedent and demonstrates the UK as a true leader in this field, but policy and investment must be the driver towards realising this ambition.”