Source · Select Committees · International Development Committee
Recommendation 72
72
Acknowledged
On the pace of transition, CDC state on their webpage that: we avoid short-term policy...
Conclusion
On the pace of transition, CDC state on their webpage that: we avoid short-term policy changes. We are a long-term investor who thinks in decades rather than years.155 Colin Buckley told us that the perceived slow pace at aligning with the Paris Agreement of 2015 was due to “investment decisions that were made over a decade ago” and to the “importance of natural gas as a transition power […] in countries that simply do not have the renewable structure yet”.156 Mr Buckley also told us that: the [CDC’s] strategy does not have any overall time when fossil fuels would cease, because it would depend on the individual country’s Paris path to net zero.157
Government response summary AI-generated
The government clarifies that responsible exits are a key part of BII’s mandate, stating that BII will actively support companies in developing countries to reduce their carbon footprint, as exemplified by the Just Transition Road Map in South Africa.
Summary of the government's response below — read the verbatim text to verify.
Government Response
Acknowledged
HM Government · verbatim extract
Acknowledged
Responsible exits are a key part of BII’s mandate. BII does not intend to offload the emissions problems in developing countries onto other investors. Instead, it will actively support companies to adapt and transform to reduce their carbon footprint, as it has been doing in South Africa through the Just Transition Road Map.
Read the full response on Parliament ↗