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EAC calls for greater clarity on energy security and net zero

UK Parliament buildings.

On Tuesday 28 November, the Environmental Audit Committee (EAC) published a new report, The financial sector and the UK’s net zero transitionThe report stated that the current ratio of investment capital in low carbon energy compared to fossil fuels (0.9:1) needs to quadruple to 4:1 by the end of the next decade. It also warned that many financial institutions in the UK are unclear on the extent to which they are still financing companies not aligned with the Paris Agreement, and raised concerns that the government could be perceived as sending ‘mixed signals’ to investors about the balance between energy security and net zero.