You couldn’t avoid the television and press coverage last month as the world’s leaders met in Glasgow for the COP26 summit. You shouldn’t have wanted to avoid it; the importance of ‘going green’ is obvious and nobody rejects the idea.

Whilst the summit focused on how countries were going to deliver an adequate commitment and how quickly they will get there, Money Matters wondered exactly how much it was all going to cost and how we are actually going to afford to get there.

We can all make a contribution, of course we can. Governments will be expected to take the lead, but how much can the Chancellor really afford to commit to the cause when he’s still trying to pay for his furlough scheme and continue to invest in British infrastructure, not least of which is the NHS?

Investors should insist their money gets into sustainable investments

I think the private sector should be taking the lead. A significant part of the UK’s wealth is generated through Financial Institutions. The amount of money in the City of London is well out of balance with poorer parts of the country, but that’s a different subject. Investors should be insisting that their money gets into sustainable investments. It’s beginning to happen, but it needs to become more widespread to the point of becoming the default approach for investors.

The government has created Green Bonds that individuals can buy and begin to make a difference at a basic level. It needs to do more to provide opportunities for individuals to make a statement in the form of further and better green investments, as well as considering whether tax breaks could support the efforts of individuals or small businesses.

There are some odd tax breaks enjoyed only by the better off in society. Remove them, Mr Chancellor, and replace them with breaks that the majority can enjoy and which might just do some good in the fight to protect the future of the environment.

You don’t need Money Matters to tell you the importance of the subject, but don’t go assuming there isn’t a cost to achieving it. In the meantime, on a cheerier note, have a wonderful Christmas and a Happy New Year.