Rapid reduction in greenhouse gas emissions (GHGs) is wholly dependent on the movement of money away from harmful industries and into the zero-carbon economy. Governments, regulators & businesses have shown themselves unwilling or unable to act but are likely to move into a permissive environment once created.

Increasing investment in renewable energy is starting to create greater capacity for the provision of renewables. The IEA reports that “Comparing our estimates for 2023 with the data for 2021, annual clean energy investment has risen much faster than investment in fossil fuels over this period (24% vs 15%).The financing of fossil fuels continues to increase the reserves and therefore consumption that has led to the breakdown in our planet’s climate. The leading fossil fuel company for investment in renewables only invests 2.3% of total capital expenditure.

NHS organisations are required to use the Government Banking Services (GBS) for their banking facilities. This service comprises Barclays, NatWest and CitiBank, with no credible fossil fuel free investing alternative. This conflicts with legislative ‘Net Zero’ targets for all NHS organisations. We have lobbied to introduce a green element to the GBS; either a non-fossil fuel investing institution, or ring-fencing of public money from investment in fossil fuels. 

Annual clean energy investment has risen much faster than investment in fossil fuels over this period (24% vs 15%)