The financial shock the UK has recently suffered is of course bad for green investment. The Rishi Sunak-led government is also likely to use this crisis to push for further public spending cuts that will rule out a truly transformative green agenda.
However, in my recent academic paper I argue that the economic obstacles to effective decarbonisation are more deeply entrenched than that. We can’t simply blame a bad government budget or even the global market turmoil sparked by Russia’s invasion of Ukraine.
Instead, the global economy has been trapped in a state of relative stagnation in rates of growth, productivity, investment and profitability since at least the 2008 financial crisis, with some scholars even dating the onset of the