Economic policy

Putting climate and nature goals at the heart of economic policy and regulation, say WWF and Aviva

The government must produce an economy-wide plan to move to net zero, according to a document released by WWF and Aviva.

Ahead of the Queen’s Speech (10 May), WWF and Aviva have released a new document, ‘Delivering the UK’s Net Zero Transition’, which they say outlines the steps the government ‘must take to help businesses and the public sector to combat climate change”. and crisis of nature”.

Both organizations argue that a clear net zero target is needed in the regulatory framework being developed for the financial sector. The document also indicates that the government should adopt its own transition planning process, in order to align spending and public policies with net zero.

From 2023, major companies will be legally required to publish plans for how they will reduce their climate emissions to net zero by 2050.

In the report, WWF and Aviva argue that achieving net zero cannot simply be about setting a target for businesses, as a holistic economic approach is needed, with government setting the direction and also introducing its own business planning process. transition, aligning spending and public policies to net zero.

WWF CEO Tanya Steele said: “WWF and Aviva share the same view: the world still has time to avoid the worst impacts of climate catastrophe, but only if all of us, especially governments and businesses, take immediate action.

“Shaping our net zero future will create jobs and protect and restore the environment, but for this to happen the next green finance strategy must include a coherent transition plan for the whole of the UK economy.”

The paper argues that transition plans must include nature protection and restoration measures for net zero goals to be achieved.

The report’s recommendations include placing net zero transition planning at the center of government policy-making, and not just a task for the private sector, ensuring that net zero transition plans private sector are “coherent, credible and ambitious” and integrating nature into business, the financial sector and the government’s net zero transition planning.

WWF and Aviva say the changes will help the Chancellor achieve his ambition of making the UK the world’s first net zero financial centre, which he announced at the COP26 climate talks in Glasgow. With the impending update of the green finance strategy, the 2 organizations argue that this presents an opportunity for government to develop and establish a comprehensive economic approach to transition planning.

Aviva Group CEO Amanda Blanc said: “Everyone in the UK will be affected by the climate crisis, so we are all dependent on the economy moving to net zero as soon as possible. To prevent the worst impacts of climate change, all businesses will need to develop ambitious and coherent transition plans to move us towards a low-carbon future.

“But this cannot happen in isolation – a holistic approach to the economy of transition is needed, with government setting the direction. Our joint report with WWF sets out concrete steps to get there.