- Political and policy certainty and consistency is vital to providing an attractive investment environment. A lack of consistency, even if only rhetoric, undermines investor confidence which takes time to rebuild. Investors are generally operating on a longer time scale than politicians, so changing politics has a big impact. Cross-party consensus is vital, as is cross-government alignment.
- Institutions are important but they are not a guarantee of successful engagement or effective climate-related investment. They need consistent political support and funding, as well as embedding positive behaviour across organisations.
- The UK Climate Change Act has been absolutely vital to transparency and accountability for climate change and carbon reduction targets. Creating carbon budgets, and an independent institution in the form of the Committee on Climate Change to monitor progress, has brought openness and the tools to hold successive governments accountable.
- Stakeholder engagement should occur throughout the process of climate policy and investment – from inception to implementation. It should be transparent and inclusive, with genuine consideration given to the input received.
- UK climate policy and investment is driven and heavily influenced by the actions of the UK government. It needs to be more inclusive of other levels, particularly local government which should be playing a much more prominent role in implementation of climate policy and investment, and empowering and engaging citizens, as well as helping to shape policy.
Brooke Flanagan, Future Climate