A letter to Rishi Sunak

Rt. Hon. Rishi Sunak MP

Prime Minister

10 Downing Street

London

SW1A 2AA

Dear Prime Minister,

We are writing to you as founders and committed investors within the UK green technology ecosystem.

Our country can celebrate how the UK has slashed emissions by 48% in recent decades, far faster than our major economic peers in Europe and the United States. And we’ve set targets on the path to 2050 net zero that exceed many others.

This stewardship has spurred the UK‘s record-breaking investment in cleantech, with funding in 2022 reaching £2.8 billion, after a doubling of overall investment between 2019 and 2020, driven by interest in energy and clean transport. It’s no coincidence that these money flows ramped up four years ago as the UK codified its commitment to reach net-zero greenhouse gas emissions by 2050.

There are clear benefits to rapid action on these goals, and huge risks to slowing down. Government policies to boost clean technologies like electric vehicles and retrofitting homes to make heating more efficient can lower the cost of living and support the most vulnerable.

The offshore wind sector is a prime example of what a strong policy environment and subsidy regime can achieve – a 50% cost reduction and the largest installed capacity in the world.

As committed investors and company builders, we are concerned by studies showing that, as things stand, 45% of UK businesses expect to miss their 2030 decarbonisation targets. One area we must not neglect is the built environment, responsible for nearly 40% of global CO2 emissions every single year. By proactively decarbonising our housing stock, via home improvements and electrification, we can support the climate agenda while also reducing the burden of energy price volatility which disproportionately affects poorer households.

Watering down the country’s climate commitments at this time risks sacrificing hard-won credibility that has been crucial to instilling business confidence and making the UK an attractive location for green investments.

As the UK cleantech community gets ready for climate negotiations at COP28 next month, we have an opportunity on a global stage to show leadership. As founders and investors we are committed to bringing forward a generation of high-growth businesses committed to solving our climate problems. We should recognise that investing in climate tech isn’t just the right thing to do, it also has the potential to turbocharge our economy and offer a great return on investment.

We urge you to unleash growth by creating an economic plan that prioritises green investment - as we have seen in the US and in the EU - addressing current barriers to growth including finance and skills. As a nascent industry, we stand ready to work with you to set out specific measures to leverage the power of innovation and technology to take real action on climate. We would welcome a meeting to discuss this further.

Signatories:

•Gregory Dewerpe, A/O

•Jamie Vollbracht, Kiko Ventures

•Dr Michaela Kendall, Adelan

•Adam Chirkowski, AlbionVC

•Tom Mason, Bramble Energy

•Tom White, C-Capture

•Beverley Gower-Jones, Clean Growth Fund

•Sarah Mackintosh, CleanTech for UK

•Dr. Gabrielle Walker, CUR8

•Dominic Falcao, Deep Science Ventures

•Miguel Nigorra, Fifth Wall