The UK: All change at the top

As the nation simultaneously bid farewell to our strong female lead of the last 70 years and ushered in a new government, the UK is now entering a period of change. The new Prime Minister has already shown that she envisages a very different economic strategy to what we have seen over the past 25 years. The new King will no doubt also bring an agenda that will shape the country in new ways.

Conservative governments and climate change

After 12 years of Conservative governments, there have been some notable achievements in tackling climate change. The list, compiled by 39 environmentally aware Conservative MPs¹includes:

- setting a world-leading net-zero target,

- supporting record levels of investment in renewables,

- decarbonizing faster than any other major economy,

- announcing the phase-out of coal power stations,

- doubling international climate funding to £11.6bn, and,

- successfully bidding to host UN climate talks in Glasgow.

Going back further in party history, it was Margaret Thatcher who was first to acknowledge the need to address global warming in the 1980s. David Cameron later used his “vote blue, go green” slogan to signify the environment playing a key role in Conservative policy. Theresa May was largely consumed by Brexit during her premiership, but did commit the UK to achieving net zero carbon emissions by 2050.²

Boris Johnson’s record on the environment featured both good and bad elements. If, for the sake of this article, we focus on the good, we can include an offshore wind boom, fewer cars on the road in low-traffic neighbourhoods (initially in response to Covid-19) and a 2030 deadline for ending the sale of petrol and diesel cars.³ Whilst environmental targets were strong under Johnson, there weren’t necessarily the policies in place to achieve them.

So far, however, Liz Truss’ climate ambitions appear to represent a stark change in direction. With climate sceptic Jacob Rees-Mogg now in place as Secretary of State for Business, Energy and Industrial Strategy, fracking and North Sea oil and gas are firmly back on the agenda. This comes despite research from Rees-Mogg’s own department finding that 85% of people support the use of renewable energy and only 17% of people in support of fracking.⁴ It is perhaps worth reminding readers that our strategies have a relatively low level of exposure to the UK. In our global strategy for example this exposure it limited to just two companies: Croda International and Spirax-Sarco Engineering representing c.4% of the portfolio.

Enter the Climate King

Meanwhile, new King Charles III has championed environmental action for over 50 years. He has been involved in projects and raised awareness of a multitude of issues from deforestation to pollution, sustainable agriculture to plastic waste. In some quarters, Charles has even been anointed as the ‘climate king’.⁵

It is fair to say that not everyone sees him this way.⁶ As with most celebrities, the King’s private jet use and views on population growth in the developing world run counter to his environmentalism.⁷ He has though shown genuine commitment to and passion for environmental issues. He has, for example, made significant changes in his personal life, including through his leadership on organic farming and sustainable land use and by eating less meat and dairy. It’s hard to imagine these topics not coming up during state visits from international dignitaries. Equally, as someone who sees the climate crisis as an existential threat, how could it not be raised at least occasionally during his weekly meetings with the Prime Minister? The alignment of the Conservative party with the monarchy may even make these issues and conversations more accepted. His change in profile also opens the way for Prince William to pick up his charity work in an area he has already shown an interest in with the launch of the ‘Earthshot Prize in 2021’.⁸

A tide of change

Whatever the dynamic between King Charles and Liz Truss, it comes at a crucial time in terms of the climate crisis. With just a few months until COP27, we certainly hope that the UK continues to pursue a leading role.

Domestically too, we think that the journey to net zero will remain intact. The main opposition parties look set to keep the Government’s feet to the fire on this issue. Moreover, key technologies such as electric vehicles and renewable power have reached, or are already past, tipping points of mass adoption from which there is no return to the fossil fuel alternatives.⁹ In the words of Greta Thunberg “Change is coming, whether you like it or not”. We hope she is right.

¹ https://www.theguardian.com/environment/2019/oct/17/we-are-proud-of-the-conservative-record-on-climate-action
² Since leaving office Theresa May has though burnished her environmental credentials by becoming chair of the environmental lobby group the Aldersgate Group (https://www.aldersgategroup.org.uk/aims/aldersgate-board-of-directors/).
³ https://www.greenpeace.org.uk/news/boris-johnson-green-record/
⁴ https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1082719/BEIS_PAT_Spring_2022_Energy_Infrastructure_and_Energy_Sources.pdf
⁵ https://www.vox.com/world/2022/9/8/22770758/prince-charles-becomes-king-united-kingdom-queen-elizabeth-dies
⁶ https://heated.world/p/stop-calling-charles-the-climate
⁷ https://time.com/6212796/king-charles-iii-climate-change-liz-truss/
⁸ https://earthshotprize.org/
⁹ https://www.climateone.org/audio/no-going-back-evs-and-clean-tech-tipping-points-albert-cheung