[P2P-F] Fwd: Cross-party report urges green recovery from Covid: Positive Money response - embargoed Weds 17 Feb at 0.01am

Tue Feb 16 13:32:33 CET 2021

thanks for respecting the embargo

---------- Forwarded message ---------
From: Anna Pick <press at positivemoney.org>
Date: Tue, Feb 16, 2021 at 5:19 PM
Subject: Cross-party report urges green recovery from Covid: Positive Money
response - embargoed Weds 17 Feb at 0.01am
To: Michel Bauwens <michel.bauwens at p2pfoundation.net>

Good morning,

Below is Positive Money’s embargoed response to the Environmental Audit
Committee’s latest report: ‘Growing back better: putting nature and net
zero at the heart of the economic recovery’.

Please get in touch if you would like more information or to arrange a
briefing with a spokesperson.

Many thanks,
Anna

-------------

UNDER STRICT EMBARGO 00:01 WEDNESDAY 17 FEBRUARY

Research and campaign group Positive Money welcomes a new report from MPs
on the Conservative-led Environmental Audit Committee (EAC) which concludes
that Covid-19 is a symptom of environmental breakdown and sets out how the
government can enable a green economic recovery from the crisis.

Titled ‘Growing back better: putting nature and net zero at the heart of
the economic recovery’, the report was a result of the EAC’s ‘Greening the
post-Covid recovery’ inquiry, for which Positive Money presented oral
evidence.

Among the recommendations, the report calls for the government to clarify
the Bank of England’s mandate to include climate and nature objectives, to
take steps to reduce the carbon intensity of financial markets, as well as
a range of fiscal and financial incentives for a green recovery.

The report comes as the Chancellor is expected to make key changes to the
Bank of England’s mandate alongside the March Budget, which will enable it
to take more action on climate change.

Simon Youel, Head of Policy and Advocacy at Positive Money, said:

“For all the talk of ‘build back better’, the government’s response to
Covid has so far bailed out an environmentally destructive and unequal
‘business as usual’, which drove us towards this crisis in the first place.

“The Environmental Audit Committee’s report puts further pressure on the
government and the Bank of England to get their act together and take
concrete steps to green the economy ahead of this year’s crucial COP26
climate summit in Glasgow.

“The government has a huge opportunity to kickstart a fair and green
recovery in the March Budget. Alongside wide scale public investment in
green jobs, the Chancellor needs to make sure his changes to the Bank of
England’s mandate are as strong as possible, to allow our central bank to
do everything necessary to shift billions of pounds away from fossil fuels
and towards green alternatives ahead of COP26.”

Notes

   1.

   In January, the Conservative MP and Chair of the Environmental Audit
   Committee, Philip Dunne, wrote to the Bank of England calling for it to
   align its bond purchases with 1.5C ahead of COP26:
   https://positivemoney.org/2021/01/environmental-audit-committee-blasts-bank-of-england-for-high-carbon-stimulus/
   <https://positivemoney-org-dot-yamm-track.appspot.com/Redirect?ukey=1W5tFRRsXSdHdLBk76REF5HeDUh9I2jqIiehrGYBBT10-2043125258&key=YAMMID-70762309&link=https%3A%2F%2Fpositivemoney.org%2F2021%2F01%2Fenvironmental-audit-committee-blasts-bank-of-england-for-high-carbon-stimulus%2F>

   2.

   The chancellor is expected to make changes to the Bank of England’s
   mandate in his March Budget:
   https://www.thetimes.co.uk/article/chancellor-rishi-sunak-to-strengthen-bank-of-englands-green-remit-amid-oil-bonds-outcry-3t3qkcf2p
   <https://positivemoney-org-dot-yamm-track.appspot.com/Redirect?ukey=1W5tFRRsXSdHdLBk76REF5HeDUh9I2jqIiehrGYBBT10-2043125258&key=YAMMID-70762309&link=https%3A%2F%2Fwww.thetimes.co.uk%2Farticle%2Fchancellor-rishi-sunak-to-strengthen-bank-of-englands-green-remit-amid-oil-bonds-outcry-3t3qkcf2p>

   3.

   A letter from 125 experts (including Nouriel Roubini, Mariana Mazzucato
   and Willem Buiter) outlined what the Bank of England should be doing to
   support the government’s climate targets, 16 November 2020:
   https://positivemoney.org/2020/11/sunaks-green-finance-plans-come-under-fire-from-experts-press-release/
   <https://positivemoney-org-dot-yamm-track.appspot.com/Redirect?ukey=1W5tFRRsXSdHdLBk76REF5HeDUh9I2jqIiehrGYBBT10-2043125258&key=YAMMID-70762309&link=https%3A%2F%2Fpositivemoney.org%2F2020%2F11%2Fsunaks-green-finance-plans-come-under-fire-from-experts-press-release%2F>
   [see Guardian coverage here:
   https://www.theguardian.com/business/2020/nov/16/bank-of-england-needs-more-powers-to-decarbonise-economy-say-experts
   <https://positivemoney-org-dot-yamm-track.appspot.com/Redirect?ukey=1W5tFRRsXSdHdLBk76REF5HeDUh9I2jqIiehrGYBBT10-2043125258&key=YAMMID-70762309&link=https%3A%2F%2Fwww.theguardian.com%2Fbusiness%2F2020%2Fnov%2F16%2Fbank-of-england-needs-more-powers-to-decarbonise-economy-say-experts>
   ]
   4.

   Positive Money campaigns for a money and banking system which supports a
   fair, democratic and sustainable economy. Set up in the aftermath of the
   financial crisis, Positive Money is a not-for-profit company funded by
   charitable trusts and foundations, as well as small donations from its
   network of over 65,000 supporters. https://positivemoney.org/
   <https://positivemoney-org-dot-yamm-track.appspot.com/Redirect?ukey=1W5tFRRsXSdHdLBk76REF5HeDUh9I2jqIiehrGYBBT10-2043125258&key=YAMMID-70762309&link=https%3A%2F%2Fpositivemoney.org%2F>

   5.

   For more information or to arrange a briefing/interview with a
   spokesperson please contact press at positivemoney.org.uk or Anna Pick on
   07948802104

-- 
*Anna Pick*
Media and Policy Officer

*Positive Money*
T: 0207 253 3235
M: 07948802104

E: anna at positivemoney.org.uk
W: www.positivemoney.org
<https://positivemoney-org-dot-yamm-track.appspot.com/Redirect?ukey=1W5tFRRsXSdHdLBk76REF5HeDUh9I2jqIiehrGYBBT10-2043125258&key=YAMMID-70762309&link=http%3A%2F%2Fwww.positivemoney.org%2F>

*Positive Money is a company limited by guarantee registered in England and
Wales. Registered number 07253015. Registered office: 303 Davina House,
137-149 Goswell Road, London EC1V 7ET*
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