Carbon Tracker’s Mike Knight submitted evidence to the Treasury Select Committee inquiry into the decarbonisation of the UK economy and green finance. The Committee will scrutinise the role of HM Treasury, regulators and financial services firms in supporting the Government’s climate change commitments. It will also examine the economic potential of decarbonisation for the UK economy in terms of job creation and growth.
Despite the UK’s Net Zero pledge, depending on how it’s measured, the City of London’s hosting of global fossil fuel companies via the London Stock Exchange (LSX) means that it currently supports, at minimum, somewhere in the order of 15% of potential global CO2 emissions.
The UK and City of London illustrates there is a big loophole in any understanding of climate risk; and one that unintentionally prevents direct and adequate climate scrutiny of global fossil fuel companies’ ongoing hydrocarbon projects and their respective financing arrangements.
Evidence submitted to the UK Treasury Select Committee Inquiry into Decarbonisation of the Economy and Green Finance by Mike Knight – Carbon Tracker Initiative, July 2019 [expand the box below to full screen, or click link above to view submission PDF on the TSC website]