In a new report from S&P Global Ratings, Michael Wilkins, Head of Global Environmental and Climate Research, explores the potential impact of Brexit on the UK’s environmental ambitions. He concludes that despite huge political and economic uncertainty, there are opportunities as well as risks on the cards.
Covered in detail by top environmental publications Environmental Finance and Business Green, the report’s findings suggest that while a life outside of the EU could lead to weaker environmental policies – mainly due to the absence of environmentally favourable EU legislation – the UK has a strong track record in the renewables sector, which is likely to continue.
According to Wilkins, “the recent stance taken by the UK government could indicate a willingness to dilute environmental policy post-Brexit, but the country can still maintain the international momentum created by the Paris Agreement negotiated in December. The Department for Business, Energy and Industrial Strategy (BEIS), for one, is showing promise – the UK economy can still flourish from the growth of green industries if the right strategies are put in place.”
In addition, Wilkins suggests that future climate change policy is highly dependent on whether or not the UK remains a member of the European Economic Area (EEA) following Brexit – which, of course, still remains to be seen.