Today’s Solutions: June 13, 2024

From cities devoid of air pollution to flourishing wildlife, the pandemic has shown what the world can look like if we take timely action against the climate crisis. But if we are to achieve a meaningful impact in solving this urgent global challenge, it is paramount that we have the business world on board.

Acknowledging the key role they play in this battle, more than 200 UK firms and investors have recently called on the country’s government to deliver a COVID-19 recovery plan that prioritizes the environment.

In a letter addressed to prime minister Boris Johnson, the business leaders outlined the importance of using the COVID-19 lockdown as a springboard to propel a green economy and have stressed that the path towards recovery should be weaved in accordance with the country’s climate goals.

The proposals outlined by firms such as Mitsubishi, Signify and Siemens include:

  • Driving investment in low carbon innovation, infrastructure, and industries.
  • Focusing support on sectors that can best support the environment, increase job creation, and foster the recovery – whilst also decarbonizing the economy.
  • Putting strings on financial support to ensure firms getting bailout cash are well managed and in step with climate goals.

The letter also stresses the potential of a green recovery to support job creation and stimulate the economy: “Investments in projects such as building renovation, offshore wind, electric vehicles, environmental improvements, and low carbon industrial clusters have the potential to bring investment and job creation across multiple regions of the UK.”

Additionally, the corporate leaders agree with environmental groups that all bailout cash should go to firms that incorporate the environment in their road to recovery. “Implementing an ambitious ‘green’ recovery package, with clear pathways for companies to build aligned strategies and for investors to direct capital into ‘green’ projects at scale is now matter of necessity, not a choice.”

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