Climate change is one of several big issues not being given enough of an examination in this election campaign, and the topic has been notable by its absence from most of the TV debates.
But from concerns about clean technology costs to the on-going sewage crisis there are plenty of potential battlegrounds that separate the two main parties, and that voters should be examining before heading to the polls. Sunak’s promise of a ‘pragmatic’ approach that characterises net zero as a cost, while failing to really explain how the Conservatives would meet our climate goals, is going up against Labour’s talk of green growth and investment, meaning the result will have a significant impact on the future direction of the UK’s climate strategy and wider economic plans.
While the Conservatives manifesto does contain some interesting ideas, such as a commitment for a vote on the next Carbon Budget, there is very little new in terms of net zero policy, and nothing to suggest this is a plan that would put the UK back on track to meet it legally binding emissions targets.
Across the Labour, Lib Dem, and Green manifestos in particular there is at least a desire to drastically accelerate the net zero transition and mobilise green investment, the bulk of which will come from the private sector.
Labour’s plans – which barring a polling collapse of unprecedented proportions look like an agenda for government – promise to tear down many of the barriers faced by green businesses, most notably in the planning system, and catalyse investment in key strategic industries such as renewables, energy efficiency, electric vehicles, and farming.
There is also an intriguing commitment to ensure the Bank of England properly assesses climate risks and a firm commitment to mandate investors and listed companies to develop credible net zero transition plans.
What is missing is a commitment to move beyond those headline pledges and really embed ESG considerations for all businesses, especially for smaller firms. There is also nothing on the scale of the EU’s Sustainable Due Diligence Directive when it comes to addressing the huge risks faced by corporate supply chains.
And there is a big gap in the campaign where a discussion of how to tackle the green skills crunch should be. Without more effective skills policies the net zero transition could be derailed by the simple failure of not being able to hire enough people to make it happen.
That said, many corporate leaders feel that simply having a government that understands the benefits responsible businesses can bring as a driver of growth and investment would be a welcome step forward following a decade of under-investment and sluggish economic growth.
The hope has to be that if Labour’s plans to make Net Zero Transition Plans mandatory work, then it will be willing to pursue further governance reforms that require all businesses to take environmental risks and opportunities seriously.
But, as the Greens have been quick to point out, there are big questions about whether any of the main parties’ plans have the fiscal firepower to deliver the scale of change needed to meet the UK’s climate and nature targets.
Regardless of who wins, the next government faces a daunting challenge if it is to meet the UK’s legally binding climate targets. Labour has provided a clear signal that it wants to engineer a step change in the pace of decarbonisation and its goal to deliver a clean power system by 2030 is a hugely ambitious way of securing a mandate to push through some big reforms. If they do win the next election green businesses should find a more politically supportive government characterised by more credible climate policies and sweeping planning reforms. That’s the good news.
The bad news is that the Conservative’s repeated attacks on the cost of net zero are likely to open the door for the fracturing of the long-standing consensus on the importance of climate action. If Nigel Farage proves successful in his attempt to engineer a reverse takeover of the Conservative Party, we can expect him to immediately deploy the Trump playbook and ratchet up attacks on ‘woke businesses’ and climate action.
It promises to be a hugely eventful and immensely consequential Parliament.
Yes, Minister: Navigating the politics of net zero is one of the topics at this year’s Net Zero Festival which takes place on 22 – 23 October in London. For more information, visit Netzerofestival.com.
