Climate change: what the UK needs to do to get results

Despite its potentially strong position in the renewable energy market, the UK must do more if it is to achieve climate change targets, says ACCA (the Association of Chartered Certified Accountants) in a new report called The future of renewable energy, which follows up a recent ACCA ‘Friday Forum’ event.

Vicky McAllister, ACCA’s sustainability adviser, explains: “In terms of its investment potential in renewable energy, the UK needs to do more if it is to achieve EU ‘202020’ targets. Investment in renewable energy and low carbon technology is key if the UK is to meet its share of the commitments.”

The main points of the paper are:

• The UK is not taking advantage of investment potential in renewable energy technology, despite having good resources and a number of strengths in the industry
• The UK, along with other EU countries, has committed to meeting its share of the ‘202020’ commitments
• One part of meeting targets is increasing the proportion of renewable energy in the energy mix
• Key elements of a global policy framework for a ‘green new deal’ include effectiveness, efficiency and equity: ‘the three E’s’

Dimitri Zenghelis, climate change economist for Cisco and senior visiting fellow at the LSE’s Grantham Research Institute on Climate, who was one of the speakers at the event, said:

“More needs to done by the Government and businesses in the UK to ensure that the UK’s renewable energy opportunities are properly utilized. Currently, the UK is not taking full advantage of investment potential in renewable energy technology”.

For more information about ACCA’s ‘Friday Forum’ events, and for further information on ACCA’s work on sustainability, please go to: www.accaglobal.com/sustainability

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Notes to Editors
1. ACCA is the global body for professional accountants. We aim to offer business-relevant, first-choice qualifications to people of application, ability and ambition around the world who seek a rewarding career in accountancy, finance and management. We have 362,000 students and 131,500 members in 170 countries worldwide.
2. ACCA has worked with governments, national organisations and development agencies in emerging economies- for over 20 years- promoting the accounting profession, to create value for the communities, businesses and individuals it serves.
3. ACCA believes that globalisation of business means that one set of reporting standards is essential. We favour the principles-based IFRS.
4. ACCA understands the real issues facing small businesses as 63,000 of our members work in SMEs or small partnerships worldwide.
5. ACCA’s next Friday Forum is on ‘USA Climate Change Policy’ and is being held on 17 July 2009.

Courtesy By ACCA