Tribe Impact Capital, the UK Sustainable Investment and Finance Association, Castlefield Investment Partners and Aviva Investors are among some 400 private sector organisations, universities, NGOs and think tanks that have signed an open letter to UK prime minister Rishi Sunak urging him not to weaken any net-zero policies.
“If you do so, we believe this would be a historic mistake of your premiership, which could do lasting damage to the UK economy,” the letter said.
Earlier today Sunak announced sweeping changes to the UK’s net-zero strategy, including a delay on the ban on sales of petrol and diesel cars from 2030 to 2035, slowing down the decommissioning of gas boilers and a moratorium on new energy efficiency regulation.
“The business community has already made substantial investments in the net-zero transition and made it clear that sticking to long-term net zero policies is crucial to build business confidence and mobilise investment,” the letter continued.
“Watering down these policies would damage the UK’s credibility as a good place for green investment, undermining British competitiveness. We are already losing investment to the US and EU, and rowing back would make it worse.”