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UK has $72bn shortfall in its green economy plan, says report

The UK government has committed to cutting its emissions by 78 percent in just 14 years and to net zero by 2050 – but available public money will not stretch far enough to make it a reality, according to the Finance Gap for UK Nature Report, produced by the Green Finance Institute (GFI) in London.

The GFI, which is supported by the UK government to help direct investment to green the economy, argued $132 billion will be needed to make the changes to UK society required. But it said without private partnership or funding, the UK’s public finances will fall short by $72 billion.

“The data is conclusive that public investment – even if funding commitments increase – will not be enough to fund the UK’s nature recovery ambitions,” said GFI’s CEO Rhian-Mari Thomas.

“Private investment is therefore urgently required in addition to public sector funding if we hope to transition to a net zero and nature-positive economy,” Thomas added.

Carbon emission reduction and recapture efforts are the most expensive parts of the plan, at an estimated $27 billion.
Source: CGTN

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