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UK universities threaten to divest billions unless banks accelerate net-zero plans
Cambridge University is leading a coalition of 21 UK universities managing more than £5bn in investments in warning banks and asset managers of potential divestment unless stronger actions are taken to hasten the net-zero transition.
In a formal request for proposals sent out today (15 February), the universities, including Oxford, Edinburgh, Leeds, University College London and the London School of Economics, are urging financial institutions to update their fossil fuel position statements and create environmentally friendly deposit accounts and money market funds.
Cambridge University has committed to divesting its £4bn endowment from all direct and indirect fossil fuel investments by 2030, while Oxford has faced criticism for indirect exposure to fossil fuels in its £6bn fund.
Last year, the Make My Money Matter campaign revealed that more than 90 UK universities that have committed to divest from fossil fuels continue to bank with leading fossil fuel funders, despite the climate-conscious preferences of their students.
Businesses launch ‘Renovation Revolution’ campaign to spur decarbonisation of EU buildings
A coalition of businesses has launched a new initiative to spur renovation rates across Europe, in a bid to help the bloc meet its net-zero targets.
The Climate Group, in partnership with CBRE, Danfoss, ROCKWOOL, Signify, and VELUX, has today (15 February) launched the Renovation Revolution initiative.
The new programme will combine companies, sub-national governments and environmental sector NGOs to research and spur ways to help increase renovation rates across the European Union (EU).
“Europe needs a renovation revolution. We’re pleased to unveil this new project, shortly after European nations spearheaded a global call to action on energy efficiency at COP28,” the Climate Group’s senior manager, built environment, Toby Morgan said.
“With elections taking place across Europe in 2024, the hard work starts now. Dragging up desperately low renovation rates in Europe is critical to improving energy efficiency in the built environment. Governments and corporates must support cities, businesses, communities and citizens, to open up their toolboxes and begin a renovation revolution.”
World’s first Just Transition Finance Lab launches in London
The world’s first financial research and advocacy hub dedicated to embedding just transition principles in the global economic system amid the net-zero transition has launched today (20 February) in the UK.
Based out of the London School of Economics and Political Science (LSE), the Just Transition Finance Hub will work to ensure that social considerations are embedded into decisions made by financial institutions as they finance the energy transition and wider shift to net-zero.
Teams at the hub will design financial instruments, metrics and strategies that can be used in the real world by financiers in the public and private sectors.
According to Net-Zero Tracker, more than 90% of global GDP is now covered by net-zero targets set by national and/or regional governments. Policymakers are increasingly collaborating with financial institutions to unlock the delivery of unprecedented decarbonisation, and the new Hub will advocate for this being an opportunity to also address social inequalities.
MPs seek certainty over environmental impact of UK’s largest post-Brexit trade deal
MPs on the Business and Trade Committee are calling for the Government to allow lawmakers to debate and vote on the UK’s accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) trade bloc, partly due to environmental worries.
Last year, Prime Minister Rishi Sunak announced the UK’s intention to join the CPTPP after two years of negotiations, marking it as the country’s most significant post-Brexit trade deal yet.
The agreement is expected to facilitate increased trading opportunities with nations such as Australia, Japan and Mexico across various industries including food and drink, automotive, services and technology.
British Ministers claim that the deal will yield an additional £1.8bn in income for the UK over the next decade, supplementing revenue from existing bilateral trade agreements with some members.
UK Government unveils bumper crop of farming subsidies, partly with environmental focus
Prime Minister Rishi Sunak has unveiled what he claims is the “largest ever” grant package for British farmers but has been accused of failing to rise to the scale of environmental challenges including extreme weather and soil degradation.
Speaking at the National Farmers Union’s (NFU) annual conference in Birmingham on Tuesday (20 December), Sunak confirmed his Government’s intention to provide an additional £427m of grants to the agriculture sector this financial year.
Grant funding for productivity schemes is set to more than double, from £91m last financial year to £220m this year.
Additionally, some £220m will be allocated to help farmers adopt “future-focused technologies”, the Prime Minister said. These will include digital automation systems, energy efficiency technologies and rooftop solar.
Planning permission granted for two major British carbon capture projects
Equinor’s 600-megawatt (MW) low carbon blue hydrogen production plant, H2H Saltend, with carbon capture technology, has been granted planning permission by the East Riding of Yorkshire Council.
The news comes in the same week that the UK Government approved planning for a separate carbon capture project at a new-build gas-fired power plant.
H2H Saltend, situated at Saltend Chemicals Park near Hull, is set to be operational by the end of the decade and could slash the park’s emissions by up to one-third.
It will produce hydrogen in gas-fired processes co-located with carbon capture technologies. This is known as ‘blue’ hydrogen.
This hydrogen will be utilised in chemical processes for Saltend and neighbouring companies, replacing natural gas in industrial facilities to decrease product carbon intensity.
UK Government set for court challenge over environmental impact of Australia trade deal
The High Court will hear a legal challenge to the UK Government over its lack of regard for the environmental impact of food products that are set to be imported under the post-Brexit trade agreement with Australia.
Environmental campaign group Feedback has applied for the court hearing because the trade agreement – due to take effect this May – could enable Australian beef, lamb and mutton and dairy producers to undercut British farmers on environmental standards.
The High Court this week agreed to proceed with an initial hearing. Law firm Leigh Day will represent Feedback.
Feedback is challenging the trade deal specifically due to the UK Government’s lack of provision of information on its likely emissions impact, stating that most meat and dairy production in Australia is more emissions-intensive than in the UK.
Defra confirms £25m boost for nature-based flood management solutions
The UK Government’s Department for Environment, Food & Rural Affairs (Defra) has unveiled a £25m funding programme to support dozens of projects centred around natural processes, in bid to mitigate the risk of flooding and enhance the nation’s resilience to climate change.
Natural flood management involves implementing measures that protect, restore and replicate the natural functions of catchments, floodplains and coastlines to mitigate flooding and store water.
Defra claims that the £25m package is its largest focused on natural flood management to date.
The funding initiative received submissions from community groups, environmental charities and councils, which underwent review by the Environment Agency, in consultation with Defra and Natural England.
Among the beneficiaries of this funding, the Severn Rivers Trust will focus on implementing a variety of natural flood management measures in the headwaters of Illey Brook, near Halesowen in the West Midlands.