According to a panel at the BloombergNEF Summit in London, institutional change holds the key to achieving net zero by 2050 as barriers continue to fall.
Covered by Current News on 22 October, the discussion centred on how the energy sector can contribute to the UK’s 2050 net zero target. There was an agreement that while there are no policy or regulatory barriers to hitting that target, there are “major policy holes” that need to be filled in order to point markets in the right direction. Charlie Wilson, a Reader in Energy and Climate Change at the University of East Anglia, added that technology, infrastructure and finance barriers could all also be overcome by 2050.
The panel concluded that the biggest challenge facing hitting net zero by 2050 would be institutional. Wilson further suggested that local governments and even businesses were leaving national governments behind with more ambitious action – something that was reiterated throughout the conference. Even former Clean Growth Minister and COP26 President nominee, Claire Perry, was quoted as stating the drive to net zero was “stronger in boardrooms than in some governments”.