The leading ESG experts in the City are optimistic that a Labour victory in the general election will lead to a “reset” of the UK’s net zero agenda, giving a boost to the economy and creating green jobs.
The Labour Party, which maintains a comfortable lead over the Conservatives as the British public heads to the polls on 4 July, has promised to make the UK “the green finance capital of the world” and to prioritize the country’s sustainable finance policies.
In its manifesto, Labour stated that it would collaborate with the private sector to double onshore wind, triple solar power, and quadruple offshore wind by 2030. It has also committed to increasing investment in carbon capture and storage, as well as hydrogen energy.
Chris Dodwell, global head of policy and advocacy at Impax Asset Management, expressed his optimism, stating, “[I’m] definitely optimistic. The Labour manifesto and statements made during the election campaign set out a clear direction of travel. We look forward to rolling up our sleeves and working with the new administration on tackling the challenges ahead.”
CCLA, the UK’s largest charity investment manager, expects “significant progress on the UK’s green agenda” in the event of a Labour victory. Tessa Younger, better environment lead at CCLA, said: “We view a change in government as an opportunity for a reset, with the UK committing to effective plans that ensure a clear and unified direction across all sectors.”
