Andrew Bailey: 'No excuse' for failing to tackle climate change

Calls for 'substantial investment'

Bank of England governor Andrew Bailey has trumpeted the long-term economic growth benefits for the UK in decarbonising the economy to net zero, even despite immediate economic challenges, as he argued there was “no excuse” for failing to tackle climate change.

"Unlike pandemics and wars, which are terrible, and events that we are having to deal with, climate change, I am afraid, is highly predictable," he said in a speech this morning (24 May). "That is the reality. And there is therefore no excuse for failing to tackle it." He added that while government policy would be critical to achieving the UK's net zero targets, private sector investment - and the world of the Bank of England and its regulators - also had crucial roles to play, particularly against a backdrop of sluggish economic growth and sticky inflation. "A big challenge we and t...