In this week’s insights, we explore the potential for green investment in the UK to increase by £100 billion, while several carbon-capture projects face expected delays. We examine the rise in US tariffs on Chinese electric vehicles, Blackrock's re-appointment of an oil executive, and Barclays' expansion of fossil fuel financing.
Here’s the key takeaways:
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Improved green policies could lead to extra £100bn investment in the UK – according to a new UK Sustainable Investment and Finance Association (UKSIF) survey of 100 business leaders in the financial sector.
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The UK may be delaying some carbon capture projects – while the projects are a critical part of the UK’s decarbonisation plans, higher borrowing costs mean delays are expected.
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US raises tariffs on Chinese Electric Vehicles (EVs) – aimed at countering ‘unfair trade practices’, tariffs are due to rise to 100% on EVs, 25% on lithium-ion batteries and other critical minerals needed across the vehicles’ value-chain.
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Oil & gas boss re-appointed to Blackrock’s board – despite an investor backlash, the CEO of Saudi Aramco, the world’s largest oil and gas producer, was recently re-elected to Blackrock’s board of directors.
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Barclays continues to invest in fossil fuels – a new Banking on Climate Chaos report from the Rainforest Action Network revealed Barclays financing has increase from 2022 to 2023, making it the top funder of fossil fuels in Europe.
Featured chart
Source: Deloitte 2024 Gen Z and Millennial Report.
Our chart of the week shows the percentage of Generation Z and Millennials who have either changed, or plan to change, their job or industry due to climate impact concerns. This is according to a new Deloitte report which surveyed 23,000 respondents across 44 countries on their expectations of work and the world more broadly.
Why’s this worth sharing?
Climate concerns are growing with every generation, and it’s interesting to see nearly half of Gen Z have, or plan to, change jobs due to these concerns. This is great news for a growing sustainability industry but could cause further problems for ‘dirtier’ industries and companies without clear decarbonisation plans, who may struggle to attract and retain new talent.
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