Here we’ll be compiling the automotive news emanating from the COP26 climate change conference in Glasgow, alongside relevant releases from within the industry:
4 November
UK Finance launches COP26 and Beyond report
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UK Finance, the banking and finance industry trade association, has released COP26 and Beyond, a new report which looks at the current state of sustainable banking in the UK, the key trends and challenges, and prospects for continued progress.
The report, published during the first week of COP26, opens with UK Finance’s COP26 Policy Statement, which sets the trade body’s support of:
- The industry-led and UN-convened Net-Zero Banking Alliance (NZBA) and the Glasgow Financial Alliance for Net Zero (GFANZ).
- All banking and finance firms embedding climate responsibility into their governance and strategy in support of a just and orderly transition to a net-zero economy.
- The setting of clear, globally-used definitions for environmental, social and governance (ESG) reporting. We support in principle the remit being given to the International Sustainability Standards Board (ISSB).
NZBA, of which UK Finance is a Supporting Institution, has seen a growth in membership from 43 signatories from 23 countries at its launch in April 2021 to now having 89 signatories from 37 countries. This includes the eight largest UK lenders and a further 30 UK Finance members.
The report includes a Climate Responsibility Resource Pack, detailing relevant green finance policies, regulations, initiatives and thought leadership. It also provides an analysis of early progress being made on net-zero banking.
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By GlobalDataIn his keynote speech yesterday at COP26 the Chancellor of the Exchequer announced plans for the UK to become the world’s first net-zero financial centre.
This includes new requirements for UK financial institutions and listed companies to publish net-zero transition plans.
The report is being launched to coincide with a session being co-hosted by UK Finance at the Green Horizon Summit in Glasgow which runs alongside COP26.
UK Finance Chief Executive David Postings will moderate the event which will discuss what sustainable banking commitments should mean in real economy terms and the need for a just and orderly net-zero transition.
David Postings, chief executive of UK Finance, said: “The banking and finance sector fully supports the government’s goal of net-zero UK emissions by 2050. As the world convenes in Glasgow for COP26, our report shows that lenders understand the key role they have to play in the transition to a low-carbon and more sustainable economy. At the same time, it’s vital that the transition to net-zero is fair and inclusive, bringing benefits to everyone across the UK.”
2 November
MotoNovo highlights importance of ULEZ/CAZ signposting
“As moves to improve air quality in cities across the UK accelerates, dealers need to be aware of the impact on local buyers from a stock management perspective and ensure their used stock is signposted prominently to help consumers comply with new Clean Air Zones rules,” notes Debbie McKay, head of motor – major accounts at MotoNovo Finance.
With the 2021 United Nations Climate Change Conference (COP26) in Glasgow now underway, the UK is the global epicentre for the growing environmental debate. Motor vehicles and their emissions are sure to be part of the dialogue and having been delayed by the Covid-19 pandemic, the move to increase the UK’s Clean Air Zones (CAZs), which includes Low Emission Zones (LEZs) and Zero Emission Zones (ZEZs)
Fourteen cities across the UK, in addition to London, are now planning to introduce zones that would place restrictions on the highest polluting vehicles while encouraging the use of cleaner vehicles. In some cases, CAZs will see daily charging for non-compliant vehicles, while there will be no charge in others. In Scotland, the four LEZ city centres will see such vehicles banned entirely. Rather than a non-compliance charge, the LEZ will see owners of ineligible motors issued with a Penalty Charge Notice.
The challenge created by these new zones for the motor retail sector is threefold:
- A lack of consistency in the approaches and even names being adopted
- A lack of consumer awareness about the changes
- Helping people move to a car that is both affordable and compliant; a problem exacerbated by stock shortages and rising prices
McKay added: “I am very aware of the struggles facing dealers in sourcing stock right now, but in terms of the age-old mantra buying right to sell right, a knowledge of the local trends and timings in terms of CAZs for stock buying and marketing can only be good for the bottom line.”
1 November
National media EV scare stories ‘unhelpful’, says Fleet Evolution
National press reports that electric vehicles are too expensive, create range anxiety and have charging issues are wide of the mark, at a time when the world’s leaders are meeting to agree new climate control targets.
This is according to Fleet Evolution, which believes that such scare stories are neither helpful nor constructive in the move to growing uptake of EVs and the road to net zero.
In recent months, despite the growing uptake of EVs, some national media reports have suggested that they are more expensive than ICE equivalents, that there will be insufficient numbers of chargers to meet the growing demand and that there will be a shortfall in electricity generated to meet expected consumption levels.
But, says Fleet Evolution, none of these claims are true and the myths need exposing for what they are, especially set against a backdrop of the COP26 climate summit in Glasgow with EVs set to play a major role on the road to decarbonising UK transport.
“With growing electricity demand comes increased capacity from renewables as a proportion of our energy production – and this will undoubtedly increase over time,” said Andrew Leech, Fleet Evolution founder and managing director.
“Only by continually debunking these national media myths will we get a true picture of the growth in the EV car parc and the full extent of the nation’s move to electrification.”
