Asset management giant Aviva has called on government to create a public league table that ranks firms by their environmental credentials.
Aviva Invest is one of a number of signatories backing proposals by green-leaning cross party think tank, the Aldersgate Group, that urge government to put resource efficiency and the environment at the heart of post-Brexit Britain.
“We are calling for the creation of public league tables, ranking the performance of companies on a range of sustainability issues, including climate change,” said Steve Waygood, chief responsible investment officer at Aviva Investors.
“Providing ambitious and clear low carbon policies in the next parliament and improving the disclosure of corporate information relating to climate risks will be essential to increase affordable private investment. We need policies to direct capital towards the resource efficient and low carbon infrastructure that the UK so urgently needs to build in order to maintain a globally competitive and resilient economy.”
The group, which includes M&S, BT, Ikea, Sky, National Grid and Kingfisher among its corporate members, believes committing to low carbon growth now could see that part of the economy grow from 2% of GDP today to 8% by 2030, which would create a sector almost as large as UK manufacturing.
Aldersgate Group called for government to take action by:
- Publishing a detailed Clean Growth Plan without delay, to deliver the UK’s emissions reduction commitments under the fifth carbon budget in timely way, attracting affordable private finance for energy efficient buildings, low carbon energy and transport infrastructure. This will also deliver wider economic benefits and grow supply chains;
- Introducing a cross-departmental resource efficiency policy to drive better management of resources across the economy and encourage greater use of secondary materials; k Improving the state of the UK’s natural environment via the prompt publication of a 25 Year Plan for the Environment;
- Developing an Industrial Strategy to build on the UK’s strengths in the low carbon and resource efficient sectors and support continued growth and job creation in its supply chains;
- Developing a new finance strategy to increase the levels of private investment flowing into the UK’s modern, green infrastructure, new technologies and innovative business models.
See the group’s report here.