Fossil Free UK pledge

I can confirm I’ve already signed up to Fossil Free’s UK pledge.

It’s an incredibly important issue. The Governor of the Bank of England has warned of the impact of climate change on the value of investments, while the Financial Stability Board, which monitors the global financial system, has recognised investors' increasing need to consider climate change by establishing a Task Force on Climate-related Financial Disclosures (TCFD). I believe the Government should take steps to make sure that the UK's financial regulators ensure that companies give investors effective information about the climate-related financial risks they face.

More widely, I am concerned that the Government is undermining clean energy investment in the UK. The Government's support for fracking, for example, risks locking us into an industry based on fossil fuels long after we need to have moved to clean energy. It also comes on top of cuts to support for renewable power and plans to increase taxes on businesses that have done the right thing by installing solar panels on the roofs of their buildings. These decisions have damaged the confidence of investors such as pension funds at a time when we should be working towards transitioning our energy industry to a low-carbon future. It is also disappointing that the Government has delayed publication of its emissions reduction plan, when it should be taking advantage of the international cooperation demonstrated by the Paris Agreement to drive forward with its plan for low-carbon investment in the UK.

I can assure you I will continue to support a low-carbon economy in the UK.

 

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Catherine West

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