An alliance of the UK's largest businesses and environmental groups welcome yesterday's (17th May) committment to a legally binding target to reduce carbon emissions to 2027.
The 54 signatories state that strong and clear action on climate change is essential for long-term economic growth, jobs and competitive advantage.
In an open letter to the Prime Minister and Deputy Prime Minister published on 17th May, the signatories warn that "failure to act at sufficient scale and pace would mean that the costs of tackling climate change in the future will be much higher and the UK will miss out on commercial opportunities associated with the low carbon economy".
The signatories support the Government's decision to accept the recommendation on the level of the fourth carbon budget from the Committee on Climate Change.
The letter is signed by a large number of businesses, investors, industry bodies, trade unions and environmental groups including IEMA.
Peter Young, Chairman of the Aldersgate Group which drafted the dispatch, said "The message of this letter is loud and clear: strong carbon targets protect both the environment and the economy. They are vital for future competitiveness and provide the overall framework to enable the UK to be a leader in the transition to a low carbon economy.
"This will provide greater certainty for business to invest in green technologies and create jobs. Last week we called on the Prime Minister to show leadership on the climate change agenda and it is extremely welcome that he delivered. The focus must now be on the EU to raise its level of ambition."
Posted on 18th May 2011
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