GOVERNMENT URGED TO INTRODUCE GREEN DEAL FOR CONSUMERS AND COMMUNITIES
At a parliamentary reception to mark National Ethical Investment Week (NEIW) 2010, UKSIF, the sustainable investment and finance association, called on the Government to introduce a Green ISA allowance at the next Budget in March 2011. New research from YouGov for NEIW reveals that over 13 million GB adults (27%)* would be likely to invest in a Green ISA during the next twelve months. The research also revealed that over half (52%) of investors would consider investing in renewable energy to help the sector receive greater funding. This money would help to meet the urgent demand for investment in the green energy and environmental sector.
UKSIF is also calling for tax breaks for those investing in their local community organisations. Almost a third (32%) of all GB adults with savings and investments would consider supporting initiatives that assist their local community to help them receive greater funding.
Government adviser Lord Wei will respond to the calls from UKSIF and outline how green and ethical finance can play a role in the Big Society. NEIW (7-13 November) is coordinated by UKSIF, the sustainable investment and finance association, and sponsored by The Co-operative Financial Services and Ecclesiastical Investment Management.
Penny Shepherd MBE, UKSIF Chief Executive, said:
“ISAs have proved extremely popular among consumers. We urge the Government to turn its words on Green ISAs into action and introduce a new allowance at the next Budget. We should build on the growing desire among consumers to make money and make a difference with their savings and investments. We face an energy investment gap of between £370bn and £400bn over the next 15 years**. We must do more to tap into consumer interest in green energy and help fill this gap. A Green ISA would engage the public in the climate change challenge and demonstrate the economic benefits of green investment.
“We should also do more to encourage individuals to support civil society. A simple way would be to provide tax breaks for those investing in their local community organisations. Our research shows that people are willing to support organisations locally. We should harness this support to help finance and build the Big Society.
“At the turn of the millennium, only the most farsighted would have predicted today’s global and diverse responsible investment landscape. When we look back a decade from 2020, the difference should be even more dramatic. The key is to engage both consumers and institutional investors. We need to generate a groundswell of opinion behind green and ethical finance. The Government must play its part in this process.”
All figures, unless otherwise stated, are from YouGov Plc. Total sample size was 2700 adults. Fieldwork was undertaken between 8th - 11th October 2010. The survey was carried out online. The figures have been weighted and are representative of all GB adults (aged 18+).
*According to the ONS latest estimate for UK adult population is 49.4million
** Capitalising the Green Investment Bank: Key issues and next steps, Ernst & Young LLP (October 2010)
Tony Cox/Portia Roelofs, Linstock Communications
020 7089 2080
Notes to Editors
About National Ethical Investment Week
National Ethical Investment Week (NEIW), the campaign to raise awareness of green and ethical investment options, is coordinated by UKSIF – the sustainable investment and finance association, and sponsored by The Co-operative Financial Services and Ecclesiastical Investment Management. NEIW 2010 will be held 7-13 November 2010. For more information, visit www.neiw.org.
UKSIF, the sustainable investment and finance association, promotes responsible investment and other forms of finance that support sustainable economic development, enhance quality of life and safeguard the environment. It also seeks to ensure that individual and institutional investors can reflect their values in their investments. Founded in 1991, it has over 200 members including financial advisers, asset managers, research providers, pension funds, banks and non-governmental organisations. For more info, visit www.uksif.org.