FLA Green Manifesto focuses on economic growth

The Finance & Leasing Association is today launching its Green Manifesto, which highlights Net Zero’s potential as a catalyst for growth.

Preparations for 2050 will affect every person, home, business and public service in the UK as we all rethink our transport options, heating choices and power needs. This will require a ready supply of willing-to-lend lenders, matched by demand from ready-to-borrow customers.

Currently, the UK does not have an adequate supply of either, but the Green Manifesto identifies the perfect conditions for rectifying this and creating economic growth:

• Consistent government policies so that the finance industry has the confidence to invest in funding change.
• Grow the EV infrastructure to make electric vehicles an easy and intuitive choice, and help to develop the used EV market so there’s a green vehicle option for consumers of all kinds
• Government risk sharing to keep the cost of green finance for business investment, motor purchases and home improvements within reach for the vast majority of business and retail customers

Stephen Haddrill, director general of the FLA, said: “Political commitment to Net Zero preparations cannot wax and wane with the seasons. Unwinding centuries of reliance on fossil fuels within the next 25 years will require consistency of approach to build confidence among consumers and lenders.

“The 2050 deadline is looming large, and doing too little now will leave too much to do later. The UK needs a smooth transition, with adequate and affordable funding available for each customer replacing old technology with new green options. That’s what will drive growth in the economy and help us achieve Net Zero by 2050.”