Government’s fiscal statement spooked bond market but cheered green groups
Welcome back. This is the final official day of negotiations at the UN COP16 biodiversity summit here in Cali, Colombia. But with national delegates struggling to reach consensus, it looks possible that talks will run late into the night or into the weekend. “We’ve never seen so much bitterness” in this field of negotiations, said Oscar Soria, director of think-tank The Common Initiative. “It’s like people negotiating a divorce.
The new investment rule will be “vital” to unlocking more capital investment in the green energy transition, according to Ed Matthew, a climate analyst at think-tank E3G. Overall, the chancellor promised an additional £100bn in capital spending over the next five years. But others argued that — by Reeves’ own logic — the government should have gone further and included non-financial infrastructure, such as electrical transmission towers, in the investment rule change.
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