Clean Energy Transition Guidance

Baroness Blackstone Excerpts

Tuesday 8th June 2021 Lords Chamber

Asked by

[Baroness Blackstone]

To ask Her Majesty’s Government what assessment they have made of the impact their document Aligning UK international support for the clean energy transition guidance, published on 31 March, will have on international fossil fuel investment; and what discussions they have had with other Governments about implementing such guidance.

[Baroness Bloomfield of Hinton Waldrist (Con)]

The Government are grateful for the positive response from international partners to this new world-leading UK policy position. We have held productive discussions with like-minded countries on this agenda, including through our G7 presidency and broader initiatives, such as the E3F export finance coalition. It is encouraging to see an increasing number of similar commitments from key partners, such as the United States, in aligning their support towards clean energy.

[Baroness Blackstone (Ind Lab)]

My Lords, I very much welcome the Government’s new policy ending support for overseas fossil fuel projects, but the CDC is able to make investments in financial institutions, which, in turn, will continue to make investments in fossil fuels. How are the Government going to stop public money supporting fossil fuels in this way?