Not a day goes by without an article on climate change in the national newspapers, covering many different aspects of the clean environment. Announcements on carbon emissions – one aspect of climate change – are coming thick and fast, encouraged by the most recent climate change bill, which became law on 26th November 2008. This legislation introduces the world’s first long term legally binding framework to tackle the dangers of climate change and, among other things, confers on the Secretary of State a duty to reduce the net UK carbon account for the year 2050 to at least 60% below the level of net UK emissions of targeted greenhouse gases in 1990.
Articles on carbon emissions range from a story in The Times in December saying that roast beef and dairy products may have to disappear from the British diet if the country is to meet its pledge to cut carbon emissions by 80%, to one from the Carbon Trust in November giving details of announced a long-term strategic partnership between Qatar and the UK as part of the UK Government’s commitment to forge new partnerships between hydrocarbon producing countries and consumer countries to help the move to a low carbon economy. This has important implications for those involved in developing technology for the clean environment.
According to The Carbon Trust, which was set up by the UK Government in 2001 and claims to be one of the world’s leading experts on low carbon technologies, it has signed a Memorandum of Understanding with the Qatar Investment Authority (QIA) on a new Low Carbon Innovation Partnership to set up a new £250m Qatar-UK Clean Technology Investment Fund and to investigate the creation of a Low Carbon Innovation Centre in Qatar.
The Fund will seek to make venture capital investments in clean energy businesses primarily located in the UK. Selected investment opportunities in continental Europe will also be considered. In addition, the Fund will consider investing in the Gulf Region once an investment capability is established in Qatar. The Fund will begin investing with up to £150m committed from the QIA alongside the Carbon Trust’s commitment. It will look for further funding from other investors to bring the maximum amount to £250m.
Commenting on the announcement, Ed Miliband, the Secretary of State for Energy and Climate Change, said: “The Carbon Trust / Qatar partnership will be of mutual benefit to both Qatar and the UK. It will use British expertise in renewable technology, matching it with investment from Qatar and the private sector in Britain. It will help us take another step on the road to a green revolution.” Announcements and stories such as these will probably become even more frequent in future as the many debates over the environment, global warming and what to do about it intensify, and attention is already turning to those companies that can help prevent climate change.