Net zero: a bank-led green transition won’t work for Britain

illuminem summarizes for you the essential news of the day. Read the full piece on The Guardian or enjoy below:

🗞️ Driving the news: While a bank-led green transition will fail the UK, the solution relies on a state-led industrial strategy to achieve net zero, foster cleaner growth, and redistribute jobs across the country

🔭 The context: Former PMs Theresa May and Boris Johnson supported state-backed green initiatives, but their successor Rishi Sunak has shifted focus to financial markets to drive growth and climate goals, despite warnings from the Climate Change Committee about slow progress

🌍 Why it matters for the planet: Effective decarbonisation and a successful green transition are crucial to meeting climate goals
• The UK's reliance on banks over state intervention risks entrenching economic inequalities and undermining environmental targets.

⏭️ What's next: The UK needs a green industrial strategy that leverages its strengths in renewable energy sectors to create jobs and foster economic growth, moving away from reliance on deregulated financial markets

💬 One quote: "The Climate Change Committee (CCC)...warned last year of 'worryingly slow' progress to meet net zero targets"

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