A new review of the UK’s net zero plans urges the government to go “further and faster” on cutting carbon emissions.
Tory MP Chris Skidmore conducted the review, which describes net zero as “the economic opportunity of the 21st century”, and says the UK is “well placed” to take advantage of the opportunities presented by decarbonisation.
However, it also warned that the UK would have to move “quickly” and “decisively”, and opportunities were already being missed thanks to a lack of skills and “inconsistent policy commitment”.
Setting out plans for a “pro-growth, pro-business transition”, the review said: “We must grab this opportunity, there is no future economy but a green economy.”
Mr Skidmore was commissioned by Liz Truss’s government in September to consider how the country could deliver “maximum economic growth and investment” alongside the government’s climate change ambitions, while also considering the need for energy security and the costs for the public.
His 340-page review published on Friday follows extensive engagement across the country including more than 1,800 responses and 50 round-table meetings with businesses, local government, organisations and other individuals.
It found that a key demand from across the country had been for greater certainty and stability, and said: “Overwhelmingly, the common message has been the need for clarity, certainty, consistency and continuity from government.”
Green energy sources — in pictures
As well as setting out long-term goals, the review details 25 actions that the government should take in the next two years. These include:
— Legislating to phase out gas boilers by 2033, rather than 2035
— Providing longer-term funding certainty for major net zero projects, including new nuclear power plants
— Implementing plans this year to increase solar and onshore wind generation, including a target of increasing solar generation five-fold by 2035
— Ending routine oil and gas flaring by 2025, rather than 2030
Mr Skidmore called for a “net zero local big bang” to give local authorities and communities the power to act faster on net zero.
This would involve wide-ranging changes to planning laws, an area where the government has already encountered controversy.
The review proposes a new requirement for councils to take account of net zero targets when making planning decisions and allows them to impose tougher requirements in some areas.
The global climate crises over the years — in pictures
Mr Skidmore also backed calls for communities to see more direct benefits from renewable energy projects in their areas and said funding for local net zero measures should be simpler and require less competitive bidding.
Lord Stern, who published an influential review of the economics of climate change in 2006, welcomed Mr Skidmore’s review.
“I hope the Prime Minister and his government will respond to the review with the urgency and scale required to prevent this enormous economic opportunity from slipping through our fingers,” he said.
“This transition, and the investment and innovation it embodies, are at the core of the UK’s growth story for the coming decade.”
Mr Skidmore said: “As the report explains, net zero is a huge investment opportunity for the UK and I have sought to set out the positive case for why we should be making it easier to invest in sustainable and renewable energy.”
“I hope that the ‘Mission Zero’ report will be recognised as an opportunity to continue to lead internationally on our net zero ambitions.”
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
All you need to know about Formula E in Saudi Arabia
What The Saudia Ad Diriyah E-Prix
When Saturday
Where Diriyah in Saudi Arabia
What time Qualifying takes place from 11.50am UAE time through until the Super Pole session, which is due to end at 12.55pm. The race, which will last for 45 minutes, starts at 4.05pm.
Who is competing There are 22 drivers, from 11 teams, on the grid, with each vehicle run solely on electronic power.
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
500 People from Gaza enter France
115 Special programme for artists
25 Evacuation of injured and sick
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
What vitamins do we know are beneficial for living in the UAE
Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.
Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.
Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.
Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.
Electric scooters: some rules to remember
- Riders must be 14-years-old or over
- Wear a protective helmet
- Park the electric scooter in designated parking lots (if any)
- Do not leave electric scooter in locations that obstruct traffic or pedestrians
- Solo riders only, no passengers allowed
- Do not drive outside designated lanes
The specs: 2018 Opel Mokka X
Price, as tested: Dh84,000
Engine: 1.4L, four-cylinder turbo
Transmission: Six-speed auto
Power: 142hp at 4,900rpm
Torque: 200Nm at 1,850rpm
Fuel economy, combined: 6.5L / 100km
The biog:
Favourite book: The Leader Who Had No Title by Robin Sharma
Pet Peeve: Racism
Proudest moment: Graduating from Sorbonne
What puts her off: Dishonesty in all its forms
Happiest period in her life: The beginning of her 30s
Favourite movie: "I have two. The Pursuit of Happiness and Homeless to Harvard"
Role model: Everyone. A child can be my role model
Slogan: The queen of peace, love and positive energy
The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
The specs: 2019 Haval H6
Price, base: Dh69,900
Engine: 2.0-litre turbocharged four-cylinder
Transmission: Seven-speed automatic
Power: 197hp @ 5,500rpm
Torque: 315Nm @ 2,000rpm
Fuel economy, combined: 7.0L / 100km
UK’s AI plan
- AI ambassadors such as MIT economist Simon Johnson, Monzo cofounder Tom Blomfield and Google DeepMind’s Raia Hadsell
- £10bn AI growth zone in South Wales to create 5,000 jobs
- £100m of government support for startups building AI hardware products
- £250m to train new AI models