Westminster Councillor: Green Finance Strategy ‘falls short of detail’

The government’s Green Finance Strategy has committed to supporting local authorities in their net-zero transition, but “falls short” of the detail needed to “accelerate action today”, a councillor at Westminster City Council has said.

Published on 30 March, the government’s 2023 Green Finance Strategy announced a widespread review of policies and regulations to mobilise investment for green growth.

Ryan Jude, who is deputy cabinet member for climate action and biodiversity at Westminster and a green finance expert, told NZI's sister website Room151: “Today’s Green Finance Strategy correctly identifies the crucial role that local authorities must play in the UK’s transition, with around 80% of the UK’s greenhouse gas emissions within their scope of influence.

“However, it falls short of providing the commitments that local authorities need to accelerate action today.”

The government’s strategy stated that it will help local authorities to develop their ability to attract private investment through Local Net Zero Hubs and the UK Infrastructure Bank, as well as through the promotion of programmes such as the Local Investment in Natural Capital programme and Investment Zones.

Jude added: “The strategy commits to supporting local authorities, but without full details on how this will happen. Crucial gaps remain, including continued stop-start competitive funding, which prevents from local authorities planning for the longer-term, capacity gaps, and the need for technical assistance."

Further, "there is no mention of introducing a statutory duty or associated powers for local authorities to act on net zero, which is a significant barrier to delivery," he said.

“‘Powering Up Britain’ does happily refer to plans to ‘explore the simplification of the net-zero funding landscape for local authorities’, which is welcome – but we need to shift from mere exploration to actual action and real change across the board," Jude stated.

Also read
Net zero day for Rishi Sunak: New proposals receive mixed response