"This is the economic opportunity of the 21st century:" Ed Miliband addresses the BGA Business Leaders’ Summit

Ed Miliband, the Secretary of State for the Department for Energy Security and Net Zero (DESNZ), and Minister Sarah Jones spoke on the Industrial Strategy at this week's UK Business Group Alliance for Net Zero (BGA) event during London Climate Action Week.

Convened by the UK Corporate Leaders Group and the Aldersgate Group, and supported by The Climate Pledge, the Summit drew senior business leaders to an afternoon of panels, roundtables and keynote speeches from the two ministers. Taking place on Tuesday 23 June, the day after the launch of the Industrial Strategy, more than 100 people from business, NGOs, government and civil society gathered in the heart of Westminster to send a clear message that business backs climate action.  

The Secretary of State, Ed Miliband, addressed the audience with closing remarks on the government’s mission to achieve net zero. He spoke to the need for business to be vocal in its sustainability efforts; the importance of getting the narrative right, and thanked the CLG UK and the businesses in attendance for their work. 

Highlights from Ed Miliband’s speech  

“If you have any doubts about our mission, look at last week’s Spending Review. Our investment in carbon capture, our investment in the warm homes plan, our investments in Great British Energy, our investment in the hydrogen economy. We see government investment as crowding in, not crowding out, privates. And it is that partnership which is so important.”  

“You see lots of things in the media about the net zero backlash, but the polling says that the British public support net zero. In my constituency, they care about their kids and grandkids, so they care about tackling climate change. Now, of course, it’s the case that we need to tackle the cost of the living crisis at the same time. That’s why this agenda is about energy security and lower bills, about jobs and growth and climate action, in that order. You’ve got to do all of those things to keep the public with you.” 

“The people who are against this kind of action want to reinforce their narrative that somehow there is a backlash, because they know that confidence is reinforcing and doubt is corrosive.

“We honestly should have confidence, and that is my experience going round the country. Actually the jobs that we create, place by place, is the best answer to those who would turn their back on net zero. Because do you really want to turn your back on all of that investment and all of the good jobs that are going to be created across the country?  

“Pessimism is a luxury. All of the people in this room, including me, can have an effect on whether we get energy security or not. There are lots in the people in the world and in Britain who don’t have that, who can’t have that effect. And we’ve got a responsibility to be hopeful and to be determined and to recognise that we’ve come a long way. Yes, there are challenges and, yes, we’ve got a long way still to go, but we can absolutely do it.  

“We can do it because the economics are on our side. And that is a very different world to where we were 10/15 years ago. The biggest transformation we’ve seen is the fall in the price of renewables. And the way in which it’s so clear that this is the economic opportunity of the 21st century.” 

The Industrial Strategy 

Sarah Jones, the Minister of State for both DESNZ and the Department of Business and Trade (DBT), opened the Summit with a keynote on the Industrial Strategy, saying, “The Industrial Strategy is looking 10 years ahead, where the most competitive economies in the world will be those that are clean, connected and resilient. Global trade will be led by green supply chains and countries that take the tough but strategic decisions now.”  

“Its foundation is to drive towards place, and looking at every part of the country, every nation, every region. And it represents a fundamental reset in the way that we approach the economy, as it will provide the certainty and stability that businesses need to look to the long term. And increases the confidence to make investments.” 

The Summit’s panel discussions 

The first panel of the afternoon discussed business action in the current context and heard from Miranda Barker OBE DL, CEO, East Lancashire Chamber of Commerce; Sherry Madera, CEO, CDP; and Rachael Orr, CEO, Climate Outreach, and was moderated by CISL’s Chief Systems Change Officer, Eliot Whittington.  

The second, ‘Keeping Climate Action a Priority – Key Business Concerns & Challenges’ had reflections from Dr Liz Gilligan, CEO, Material Evolution; Karen Pflug, CSO, Ingka IKEA; Corporate Leaders Group Europe’s Chair, Gonzalo Saenz De Miera, also Director of Climate Change and Alliances at Iberdrola, and Emma Stewart, CSO, Netflix, and was moderated by Rachel Solomon Williams, Executive Director, Aldersgate Group. 

The roundtable discussions  

The afternoon also saw an hour of rich conversations within seven roundtables, designed to develop solutions to inform the UK government’s Net Zero Council, of which CLG UK is a member.  

The home decarbonisation roundtable had a strong focus on narrative and what government needs to do to rebuild trust, as well as a reminder to not forget inclusion and social housing. A roundtable on integrating nature highlighted that the link between net zero strategies and those on nature are not joined up enough. The skills, jobs and just transition table also wanted more of a joined up thinking approach between different parts of the economic system. The infrastructure and industry investment roundtable discussed alternative zero carbon mandates needed within new home planning.  

Food system transformation was discussed at a roundtable that wanted the sector to engage both farmers and the public. A technology and innovation roundtable noted that regulation and a lack of funding create barriers to action. The business leadership and engagement roundtable addressed the issue that business is currently not speaking out about the value of the transition at the moment, and not only do they need to but to use tangible examples and what they mean to a particular place and community.