Claire Badenoch's recent attempt to dump the UK's legislatively obliged 2050 net zero pledge is one of the biggest Conservative Party policy turns in history. Ignited as part of a move towards "realism" and "fiscal pragmatism", the removal of the net zero commitment is a break not merely from the former Conservative leadership, but from an emerging global consensus over the need for climate action.
Badenoch denounced the target as a "fiction," saying that it would either destroy Britain's quality of life or "bankrupt" Britain, and insisted that there needs to be greater flexibility in order to protect the economy.
WTF..?
This rhetoric is probs aimed at floating voters towards Reform UK, drawing on populist resentment of rising energy prices and green regulation. But this short-term political calculation could be costing her in the long run.
To lose its direction on net zero would substantially damage the UK's stature as a global leader in climate finance. The City of London is the world's primary green finance centre. Investors are flowing increasing amounts of capital into sustainable economies, supported by tools such as the Task Force on Climate-related Financial Disclosures (TCFD). If Britain sends a signal of withdrawal, it risks deterring investment and damaging its reputation in sustainability markets.
Or maybe not...?
Others suggest this could be Badenoch's "Thatcher moment" – a dramatic challenge to orthodoxy. But while Thatcher surfed a wave of increasing neoliberalism, Badenoch is in danger of swimming against an increasing international tide in support of decarbonisation...
By 2029, when green industries and employment will be at the centre of economic planning worldwide, net zero could be political common sense. As The Economist recently pointed out, "green growth is not just an ideal—it's an economic imperative.".
