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<blockquote data-quote="al97" data-source="post: 150084" data-attributes="member: 29424"><p>2 Oct - Commercial Awareness - Energy </p><p>Topic: Sunak makes a U-turn on Net Zero strategy </p><p> <a href="https://www.ft.com/content/9b1399fd-5ce1-427c-b6b0-aeb5a43f4d92" target="_blank">https://www.ft.com/content/9b1399fd-5ce1-427c-b6b0-aeb5a43f4d92</a></p><p></p><p></p><p>The UK Prime Minister announced that he will relax the commitments to Net Zero. </p><p></p><p>What are the changes?</p><ul> <li data-xf-list-type="ul">Originally, the ban on the sale of diesel cars will be effective starting 2030, but it is now delayed until 2035. </li> <li data-xf-list-type="ul">Sunak’s rationale was to ensure that household bills are not too burdensome for the wider public but still be able to achieve the 2050 goal. </li> <li data-xf-list-type="ul">This affects SME and the already difficult EV industry. </li> <li data-xf-list-type="ul">Other targets remained unchanged, such as the plan to mandate 80% EV by 2030. </li> </ul><p></p><p>Why is it a problem?</p><ol> <li data-xf-list-type="ol">Already late. The International Energy Agency criticised the government’s approach and said that the investment into clean energy requires $4.5 trillion/year globally to reach Net Zero by 2050. This year, the global investment is still short of $1.8 trillion. </li> </ol><p></p><ol> <li data-xf-list-type="ol">Affect businesses’ strategy. Most companies have already integrated Net Zero as a priority into their strategy and operation. This sudden change – 5 years – is a disruption to businesses and forced them to re-prioritise. </li> </ol><p></p><ol> <li data-xf-list-type="ol">Late to opportunities. Clean energy industries would create jobs and economic opportunities. It is advantageous to get in the ring earlier than later. Think of policies, sustainability-linked loans and green loans, which are loans with reduced interest rate given exclusively to projects that are “green/sustainable”. Such an incentive is offered now as we are in the earlier years of 2050, if companies are bold enough to commit to green transition, they will be able to benefit off a cheaper cost to borrow. If companies are late, say they only start their transition in 2048 – when almost every company has competed their transition – it is doubtful that such incentives would still be in place</li> </ol><p></p><ol> <li data-xf-list-type="ol">Unstable policies are unattractive to foreign investors. The manufacturing industries warned that UK may lose its competitiveness as an international hub if foreign investors lose confidence. They require stability in order to invest. Many companies have already spent substantial time and money to drive to NZ. The UK needs a long-term strategy on AI and NZ. </li> </ol><p></p><p>Opposition: </p><p></p><ol> <li data-xf-list-type="ol">Some companies welcomed the change: Toyota, who has been slow to roll out EV </li> <li data-xf-list-type="ol">The UK is still attracting investment, recent deals: Tata £4bn into gigafactory; Stellantis £100mn investment into Ellesmere Port; BMW £600mn investment into electric Minis</li> </ol></blockquote><p></p>
[QUOTE="al97, post: 150084, member: 29424"] 2 Oct - Commercial Awareness - Energy Topic: Sunak makes a U-turn on Net Zero strategy [URL]https://www.ft.com/content/9b1399fd-5ce1-427c-b6b0-aeb5a43f4d92[/URL] The UK Prime Minister announced that he will relax the commitments to Net Zero. What are the changes? [LIST] [*]Originally, the ban on the sale of diesel cars will be effective starting 2030, but it is now delayed until 2035. [*]Sunak’s rationale was to ensure that household bills are not too burdensome for the wider public but still be able to achieve the 2050 goal. [*]This affects SME and the already difficult EV industry. [*]Other targets remained unchanged, such as the plan to mandate 80% EV by 2030. [/LIST] Why is it a problem? [LIST=1] [*]Already late. The International Energy Agency criticised the government’s approach and said that the investment into clean energy requires $4.5 trillion/year globally to reach Net Zero by 2050. This year, the global investment is still short of $1.8 trillion. [/LIST] [LIST=1] [*]Affect businesses’ strategy. Most companies have already integrated Net Zero as a priority into their strategy and operation. This sudden change – 5 years – is a disruption to businesses and forced them to re-prioritise. [/LIST] [LIST=1] [*]Late to opportunities. Clean energy industries would create jobs and economic opportunities. It is advantageous to get in the ring earlier than later. Think of policies, sustainability-linked loans and green loans, which are loans with reduced interest rate given exclusively to projects that are “green/sustainable”. Such an incentive is offered now as we are in the earlier years of 2050, if companies are bold enough to commit to green transition, they will be able to benefit off a cheaper cost to borrow. If companies are late, say they only start their transition in 2048 – when almost every company has competed their transition – it is doubtful that such incentives would still be in place [/LIST] [LIST=1] [*]Unstable policies are unattractive to foreign investors. The manufacturing industries warned that UK may lose its competitiveness as an international hub if foreign investors lose confidence. They require stability in order to invest. Many companies have already spent substantial time and money to drive to NZ. The UK needs a long-term strategy on AI and NZ. [/LIST] Opposition: [LIST=1] [*]Some companies welcomed the change: Toyota, who has been slow to roll out EV [*]The UK is still attracting investment, recent deals: Tata £4bn into gigafactory; Stellantis £100mn investment into Ellesmere Port; BMW £600mn investment into electric Minis [/LIST] [/QUOTE]
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