18 May 2022 (London): Responding to reports that the UK Government is now considering including natural gas in its green taxonomy, CDP’s Global Director for Policy Engagement and External Affairs Pietro Bertazzi said: “It is concerning to hear reports of a second U-turn in two weeks from the UK Government. A high-quality taxonomy must include metrics that are aligned with the Paris Agreement goal of limiting warming to 1.5C, achieving net-zero by 2050 at minimum. The inclusion of natural gas in the UK taxonomy risks going against this core objective. The non-inclusion of gas in the UK taxonomy would not stop investments in new gas facilities. It would simply mean that the UK does not consider investments in this infrastructure as fully aligned with its net-zero goals.
Including natural gas in the taxonomy would put the Government’s ability to meet its own ambitious net-zero targets at risk and severely hinder its commitment to making the UK ‘the world’s first net-zero financial centre.’ CDP urges the government to reconsider this decision. By not including environmentally damaging energy sources such as natural gas from its taxonomy, the government will create a practical tool that will allow investors to ensure their investments are truly aligned with 1.5C whilst also improving UK competitiveness in the global market.”
ENDS
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