In its first major position paper on the topic, UK Finance also told the country's political parties that more clarity is needed on the path to a net zero economy to help financial markets muster the huge amounts of capital needed.
In response, the European Union has adapted its state aid rules, and proposed a Net-Zero Industry Act in March to boost manufacturing in green tech. “Policymakers should consider our pragmatic recommendations, which would enable financial services firms to allocate capital where it is needed to transform and decarbonise the economy," added Ian Bhullar, principal of sustainability and strategic policy at UK Finance.
Among them was a call to consider "targeted" changes to taxes to incentivise sustainable behaviour; scale up electricity grid connections; and streamline the planning process for infrastructure.
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