On Thursday, 3 April, business leaders and policymakers gathered online for a pivotal event organised by Westminster Forum Events. The event featured opening remarks by Baroness Bennett of Manor Castle, who emphasised the need for transformative change in
addressing climate challenges.
Key outcomes from COP29
Richard Millar, head of adaptation at the Climate Change Committee, highlighted the UK's leadership in the ‘Global Clean Power Alliance.’ He discussed the importance of decarbonising and cleaning the power system, addressing barriers for residential sectors,
and ensuring certainty for businesses. Millar stressed the need for a comprehensive tracking and data system and uplifted priority on adaptation.
The event underscored the UK's failure to prioritise adaptation, with successive governments falling short. Millar called for the UK spending review to bring forward necessary investments for policy and net-zero targets. He also addressed the territorial
nature of statistics regarding carbon budgets and the need for clarity in local authorities' contributions.
Millar referred back to a report the committee published in March 2024 that presented three key issues that are holding the UK back from full climate change preparedness and climate resilience: governance failing to make climate a key priority, investment
in climate that needs to be more targeted, and the need for monitoring of climate risk and adaptation.
Questions from the floor revealed mixed views on the government's commitment to adaptation. Millar's team will be providing more clarity in the next 18 months. The role of the UK Growth Plan and National Wealth Fund in funding climate adaptation was discussed,
emphasising the need for harmonised approaches across infrastructure systems.
Sectoral focus and investment
The event highlighted the importance of linking land use frameworks and building strategies to consider adaptation and mitigation together. Public sector organisations' contributions to reducing emissions were also discussed. The need for skills development
was raised, with the ball in the government's court.
International collaboration
Professor Peter Newell from the University of Sussex spoke on developing international collaboration following COP29. He addressed the geopolitics of energy transition agreements and the UK's leadership role given the vacuum being created by geo-politics.
Newell emphasised the need to balance mobilising private capital and national efforts to cut fossil fuels.
Investment approaches
The event explored various investment approaches, models, and instruments. The importance of standardised system standards and decoupling gas from electricity costs was discussed. The role of the UK Net Zero Council and the need for performance guarantees
in big infrastructure projects were highlighted.
Kerry McCarthy, MP Parliamentary Under-Secretary (Minister for Climate), Department for Energy Security and Net Zero, highlighted the work that was being done in advance of COP30 and that clean power targets for 2030 and growth plan is the economic opportunity
of the century.
McCarthy emphasised how a new climate finance goal, to mobilise 300 billion a year for developing countries by 2035, was a significant development at the last COP, and the agreement reached on carbon markets, the publication of principles for high integrity
carbon markets was an achievement. However, McCarthy also stated that there have been more challenges arising in the global climate finance space due to the new administration in the US, and further noted COP29’s failure on climate mitigation, in phasing out
fossil fuels and more.
Yet, McCarthy pointed out that UK businesses and the City of London has been leading the way to make the UK a business climate hub, pushing for net zero and renewable energy initiatives.
The Westminster events provided valuable insights into the UK's climate adaptation and mitigation strategies. Business leaders and policymakers emphasised the need for transformative change, comprehensive tracking systems, and harmonised approaches across
infrastructure systems. The event underscored the importance of international collaboration and investment in achieving climate resilience and sustainable development.