UK too reliant on markets to tackle climate crisis

Backsliding by the UK government is causing confusion, just as global policy makers redouble their green transition efforts. — Bloomberg

LONDON: The British government’s reliance on market mechanisms to achieve its net-zero targets won’t be enough to rid the country of fossil fuels by 2050, a parliamentary committee says.

Global fossil fuel financing of US$742bil in 2021 still outpaced investment in renewables, underlining the risks of leaving decarbonisation to the private sector, the Environmental Audit Committee said in a report.