A sign directing towards electric vehicle charging points is seen in a car park in Manchester, Britain, September 8, 2023.
In its first major position paper on the topic, UK Finance also told the country's political parties that more clarity is needed on the path to a net zero economy to help financial markets muster the huge amounts of capital needed.
In April, the government estimated it would need an additional 50 billion pounds-60 billion pounds ($61 billion-$73 billion) of capital investment a year through the late 2020s and 2030s to meet its net zero targets.
UK Finance, which represents around 300 firms, set out a series of recommendations to marshal pools of capital which are currently "underused" due to "policy gaps".
An independent body could be asked to monitor and provide updates on public and private capital flows, it added.
Persons:
Phil Noble, Ian Bhullar, Huw Jones, Simon Jessop, Sharon Singleton
Organizations:
REUTERS, Finance, European Union, Zero, Reuters, UK Finance, Labour Party, Thomson
Locations:
Manchester, Britain, Europe