3. Enhancing Emissions Reporting
Mission Zero calls for enhanced emissions reporting across public and private sectors, which will be essential for translating lofty reduction targets into concrete actions. The UK’s Office for National Statistics will be tasked with helping businesses to find ways to reliably track emissions through their supply chains. Enhanced reporting requirements will target greenwashing, while voluntary reporting will be transitioned into mandatory standards on a par with financial reporting. These changes support the growing ecosystem of companies helping large enterprises and SMEs monitor, track and act on their emissions.
4. Innovating in Mobility
Europe’s decarbonization path for transport is one of the most well progressed, with wide-ranging incentives for EV adoption and a fast-approaching ban on combustion engine passenger vehicles (by 2025 in Norway, by 2030 in UK and across the EU by 2035). Mission Zero is right to call attention to unsolved decarbonization challenges in the commercial transport space and aligns with our thesis that Europe can lead the second wave of innovation in this sector. The European ecosystem is thriving, with companies working in areas including the electrification of heavy logistics and zero-emission flights.
5. Investing in a Circular Economy
Skidmore’s review calls for increased investment in the circular economy, noting such efforts would reduce emissions and create jobs. It recommends that the UK ratchet up minimum recycled content requirements and seek to eliminate plastic waste. This will require significant improvement in recycling technologies and the emergence of novel materials to fill the gap. In our view, the direction of travel for regulation is clear and reinforced by a strong consumer pull: making Europe an attractive market in which to scale sustainable recycling technologies.
Mission Zero does not solve the UK’s, let alone the world’s, carbon problem but has moved the discussion one step further. As an investor, we are excited to see the UK prioritize climate and energy policy and as we position ourselves to effectively respond to climate related risks and opportunities are eager to find, back and support the entrepreneurs that have chosen to solve our generation’s most important challenge.
Kieran Mahanty is a Director at Teachers' Venture Growth (TVG), based in London, where he invests in disruptive tech across all sectors of the economy, with a particular interest in sustainability, synthetic biology and the agri-food system. Kieran has previously worked at Blue Horizon, Temasek and PwC in roles across Europe, Middle East and Asia. He holds a first class BA degree in Philosophy, Politics and Economics and a M.Phil in International Relations from the University of Oxford.