Private sector is vital to drive low carbon growth

Greg Barker has said the UK must become a global centre for green investment and banking and that the private sector is key in bringing about a low carbon society. […]

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By Sumit Bose

Greg Barker has said the UK must become a global centre for green investment and banking and that the private sector is key in bringing about a low carbon society. Speaking to journalists alongside Energy Secretary Chris Huhne, Mr Barker outlined his role in the government’s negotiations at the forthcoming COP 16 talks in Mexico.

He said: “I’m there to speak up for the private sector. I think the voice of the private sector and the potential we have to drive low carbon growth has not been sufficiently heard, certainly not at Copenhagen and even now there is hostility towards private finance and capital. In fact they are essential to any solution.

“There must always be an amount of sovereign investment but private sector investment in many ways can create wealth, drive innovation and having the voice of the private sector heard in the case for green growth is vital. What we need to get out of these talks is a sense of momentum.”

Ministerswill be at the conference from next Monday and are keen that the rest of the world sees the UK as a leading light in the new greener world.

“Is a drive to a low carbon economy compatible with long term economic growth? That is the essential question everyone wrestles with. We are confident it can be and that the UK will be at the leading edge of these new green growth markets.

“We want to make London theglobal hub for green financial services. This will be a huge new market and if we can use our expertise and genius for creating new investmenttools and new financial products that will drive this growth, that will beexcellent news for the Britisheconomy.”said Mr Barker.

He wenton to outline how other leading countries includingIndia agreed with a greater voice for theprivatesector at Cancun. The climate talks run for two weeks from Monday 29th November.