Lawmakers Say UK Too Reliant on Markets to Tackle Climate Crisis
- Parliamentary committee warns net-zero targets are at risk
- Government should make company transition plans mandatory
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The British government’s reliance on market mechanisms to achieve its net-zero targets won’t be enough to rid the country of fossil fuels by 2050, a parliamentary committee said.
Global fossil fuel financing of $742 billion in 2021 still outpaces investment in renewables, underlining the risks of leaving decarbonization to the private sector, the Environmental Audit Committee said on a report on Wednesday. Backsliding by the UK government is causing confusion, just as global policy makers redouble their green transition efforts.