Going green will costs billions. The way to raise the money is to issue modern war bonds and raise an army of investors, writes James Cameron.
"Huge sums of money would be needed for a complete overhaul of how we produce, deliver and consume energy. The building of a single carbon capture and storage power station will cost around £1 billion. But investment in large-scale low-carbon projects has been limited. Changing government policies, uncertainty about a price put on carbon, inertia and short- termism all stop investors coming forward.
So how to pay for it, how do we find green investors? The answer we've come up with working alongside the top environmental advisor Tom Burke is modelled on the war bond philosophy. We believe that a series of targeted bonds, with their proceeds ring-fenced for investment in tangible green infrastructure, could capture investors' attention whether they be individuals or institutions, such as pension funds looking, as they must, for financial return over many years.
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