London Climate action week
This was always supposed to be the decade to save the planet. But political priorities have, understandably, shifted considerably since the new year as governments around the world attempt to control the ongoing public health crisis and stabilise their respective economies
Now that some semblance of normality has resumed, and governments move to the recovery phase of the crisis, it is imperative that they keep their eye on the ball when it comes to the climate and ensure that their environmental commitments take centre stage when implementing any fiscal support measures.
In the UK, as the Prime Minister evokes the spirit of Roosevelt’s new deal on announcing a multi-billion pound infrastructure spending plan, it is important he remembers Kennedy’s famous quip that the time to repair the roof is when the sun is shining.
The closer and closer we get to 2050, the more it will rain, and the harder it becomes for governments to fix the roof. Initiatives such as London Climate Action week are critical for ensuring that action on Covid does not replace action on the climate and that both governments and businesses continue to frame their response to the crisis in environmental terms.
The financial sector has played a big part already by channelling capital investment into the green economy and providing investors with products which match their environmental conscious, but more can be done. This could include the introduction of new green government bonds issued by HM Treasury to channel capital into ‘green’ infrastructure projects.