J L Lord One Strategy For All Markets Pdf
Riley Boylan
We have taken important steps as a government in decarbonising our economy and incentivising renewable energy. But rightly our focus increasingly has also moved on how habitats, including peatlands and woodlands, absorb and harbour carbon from the atmosphere thereby restoring and protecting these landscapes. This improves our resilience to climate change.
Indeed, as the Prime Minister said at the Climate Change Conference COP27 there is no solution to climate change without protecting and restoring nature. This is why the UK played a key role in securing the biodiversity framework set out at the CBD COP15 conference in Montreal last year, and has committed to reverse biodiversity loss by 2030 and to protect 30% of land and oceans by the same date.
Natural capital and nature-based solutions are creating a huge buzz at the moment. What opportunities have the potential to deliver the biggest benefits, which excite you the most and how much of a difference do you think they can make?
Nature-based solutions are a real opportunity to build resilience to climate change, while creating rich and diverse havens for wildlife. Many of the solutions to climate change are all around us, from the trees which absorb carbon from the air, to the dense peat-rich soils which hold it in the ground.
We need to keep doing more to help nature work to our advantage. Nature-based solutions are both effective and cost effective and lead to improved food and water security, public health and greater prosperity.
As part of our ongoing work to increase the use of nature-based solutions, we have invested over 750 million into our new Nature for Climate Fund. This will increase woodland cover and restore our peatlands to good health and ensure that these natural resources can make a difference to our climate resilience for future generations.
There have been huge volumes of capital lined up to invest in nature-based solutions for quite some time, but the government only launched its strategy for Nature Markets in March and is still working on the rollout of the Environmental Land Management Scheme. Why did it take so long when the loss of the Basic Payment Scheme is already starting to have an impact on farmers?
As direct payments are phased out, we are reinvesting the full 2.4 billion into the farming sector each year throughout this parliament, through the Sustainable Farming Incentive, our other environmental land management schemes, and one-off grants.
When they come on stream, these new markets could offer valuable new income streams for farmers to help replace the loss of the Basic Payment Scheme, but they are already price takers when it comes to the food they produce, is there a danger that the same happens with their natural capital?
Some farmers and land managers will opt for payments for activities that involve land use change away from agricultural use. But we have to be realistic, a degree of land use change is essential to meet our environmental and climate change goals.
The stat that I always remember is that 20% of our agricultural land produces just 4% of the calories we eat. So this is where we can do things that enhance nature, with farmers being rewarded for the changes they make, while producing food on the most productive land.
Nature-based investments have already come in for a bad press with allegations of greenwashing and a lack of genuine additionality being commonplace. How will you ensure the markets you hope to encourage in the UK avoid being similarly tainted as there is already a sense that the voluntary carbon market here is becoming a bit of a Wild West?
We are taking robust action which includes setting strict targets on water companies to protect people and the environment. Delivering this will require the largest infrastructure programme in water company history - 56 billion capital investment over 25 years.
We have full confidence in our Environment Act targets, which were established through intensive consultation with businesses, land managers and environmental organisations. Planting more trees is critical to achieving net zero, providing more habitat and growing our future domestic timber resource.
In the 25 Year Environment Plan we recognised this and committed to increasing woodland cover in England to 12% by 2060. We have since gone further than this and under the Environmental Improvement Plan, we have set a target of 16.5% of England to be trees and woodland by 2050.
The war in Ukraine has hiked the cost of living and focused attention on food security with many saying we should be increasing food production not encouraging rewilding or less intensive farming practices. Does the government have its land use priorities right?
Our farmers are at the heart of our vision to improve the state of nature in our country, and we are putting new farming schemes and resources in place to ensure that farmers can produce the food we need while protecting our environment and delivering for public good.
You should be able to run a financial services business in remote North Yorkshire as well as they could in central York. We have just published a new delivery document for rural areas - called Unleashing Rural Opportunity and it includes new cross government ambition for rural areas, and confirmed the work we are doing across government and the ongoing work to scale up investment and innovation to improve digital connectivity and transport links, secure energy supplies and increase the availability of affordable housing.
On energy, the government has provided help for rural low-income households to move to cheaper heating. Up to 378 million is being made available in grants, ring-fenced for rural areas, to fund energy efficiency and clean heating upgrades for low-income households living off the gas grid in England.
The Dimbleby Food Strategy paper was widely recognised as offering some innovative solutions that would help make the British public, gorged on a diet of processed food, healthier, but its findings seem to have been largely ignored allegedly because the then Prime Minister was afraid of accusations of nanny state-ism. Would you have liked to see it taken more seriously?
This included a commitment to scale up research and innovation for the food sector, supported by a 120 million investment into research across the sector which will improve the resilience of our food security.
And finally - The countryside has traditionally voted Conservative, but surveys suggest that rural communities and food producers no longer feel valued by this government. With a general election on the horizon, what plans do you have to reassure them that you do care?
This government is committed to delivering for rural communities, which is why we have set new measures to grow the economy and see more skilled and better paid jobs - bringing new opportunities for even the most remote communities. This includes government plans to make it easier for farmers to change agricultural buildings into family homes or business units.
We want to see planning rules changed to provide a more supportive system for farmers to diversity their businesses, whilst providing local authorities with new powers to safeguard against second homes and holiday lets.
Amidst some of the toughest investment markets in recent memory, Citywire will gather together the key product selectors and investment allocators from the leading private banks, wealth managers and families in Hong Kong for a morning of industry sharing and dialogue.
As the world transitions towards net-zero emissions, rapid large-scale decarbonization is needed to limit global warming. Capital reallocation across all asset classes is required to facilitate that change, and we believe fixed income plays a critical role, while representing an attractive investment opportunity.
Allspring Global Investments will share more insights on how climate transition investment grade and high yield portfolios can effectively be decarbonized while enabling the transition to a net-zero economy without sacrificing performance with our climate transition credit strategies.
Allspring Global Investments, a leading independent asset management firm that offers a broad range of investment products and solutions designed to help meet clients' goals. With more than $547 billion in assets under advisement ( as of 30/6/23) and 23 offices around the world, our vision is to inspire a new era of investing that pursues both financial returns and positive outcomes. With decades of trusted experience propelling us forward, we strive to build portfolios aimed at generating successful outcomes for our clients. We do this through the independence of thought that powers our investment strategies and by bringing a renewed approach to look around the corner to unlock what's possible.
Sarah Harrison is a senior portfolio manager for the Plus Fixed Income team. She joined Allspring from Morgan Stanley, where she most recently was a credit portfolio manager serving as the lead on the European high yield strategies and a co-portfolio manager on the global high yield strategies. She began her investment industry career in 2009 and has a bachelor's degree in business administration from the Schulich School of Business.
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