Asked by: Lord Mendelsohn (Labour - Life peer)
Question to the HM Treasury:
To ask His Majesty's Government what assessment they made of the recommendations of the Harrington Review of Foreign Direct Investment.
Answered by Lord Livermore - Financial Secretary (HM Treasury)
Investment is vital for improving growth, and will be central to our ambition to increase the number of good, well-paid jobs and improving productivity across the country.
The government have announced a series of measures to address the issues raised in Lord Harrington’s Review of Foreign Direct Investment. The Prime Minister has appointed a new joint Investment Minister in both HM Treasury and the Department for Business and Trade, and announced the creation of a new, expanded Office for Investment (OfI). The expanded OfI will work to unblock barriers to investment where these arise and proactively drive investment activity cross-government.
This will provide seamless support to our most important international and domestic investors and help turn the Industrial Strategy and regional growth plans into a clear and commercially credible pipeline of investment opportunities.
On 14 October we also hosted our inaugural International Investment Summit, where we were able to announce £63bn of new investment, helping to create around 38,000 jobs.
Asked by: Lord Mendelsohn (Labour - Life peer)
Question to the HM Treasury:
To ask His Majesty's Government what assessment they have made of the Office for Budget Responsibility’s forecast that real business investment will fall 0.6 percentage points as a share of gross domestic product from 2023 to 2029, and what plans they have to address the risk of business investment falling.
Answered by Lord Livermore - Financial Secretary (HM Treasury)
Growth is the central mission of this government, and investment is central to this. This is why we have established the National Wealth Fund, which is expected to catalyse over £70bn of private investment; announced ambitious planning reforms to remove blockages to investment; and put forward proposals to reform the UK pensions system which could unlock around £80 billion of productive investment.
Our modern Industrial Strategy will also set out plans to support investment in growth-driving sectors and, in October, the international business community put its confidence in the UK’s growth potential, committing £63 billion of investment around the International Investment Summit.
The Office for Budget Responsibility (OBR) expects real business investment to grow at 0.8 per cent on average each year between 2025 and 2029.
The OBR also expects the crowding-in of private investment as a result of the public investment announced in the Budget to increase potential output, increasing GDP by 0.4% after ten years, and by 1.4% in the long-run.
Asked by: Lord Mendelsohn (Labour - Life peer)
Question to the HM Treasury:
To ask Her Majesty's Government what steps they are taking to account for the blockchain impact of cryptocurrency use in national emissions calculations; and how this relates to the UK's commitments under the Paris Agreement to the United Nations Framework Convention on Climate Change.
Answered by Lord Agnew of Oulton
The Government has been monitoring developments within the cryptoasset industry, including rising energy usage.
The Cryptoasset Taskforce, comprising HM Treasury, the Financial Conduct Authority, and the Bank of England, considers the impact of cryptoassets and assesses what, if any, regulation is required in response. The Government stands ready to respond to emerging risks or changes in the market and will continue to monitor developments in cryptoassets.
In November 2020, the Chancellor announced that the UK will implement a green taxonomy – a common framework for determining which activities can be defined as environmentally sustainable – which will improve understanding of the impact of firms’ activities and investments on the environment and support our transition to a sustainable economy. More details on the green taxonomy will be announced in due course.
The Government has already taken action to ensure the UK is the world-leading centre for green finance including through announcing an intention to make disclosures aligned with the Taskforce on Climate-related Financial Disclosures (TCFD) fully mandatory across the economy by 2025, making the UK the first country to do so.
The Government is committed to upholding its pledge relating to the Paris Climate Agreement and have enacted a legally binding target to reach net zero greenhouse gas emissions by 2050. Between 1990 and 2018, the UK reduced its emissions by 43% while growing the economy by 75% – the best performance in the G7 on a per person basis and will continually assess any emerging environmental threats.
Asked by: Lord Mendelsohn (Labour - Life peer)
Question to the HM Treasury:
To ask Her Majesty's Government what estimate they have made of the amount in tonnes of carbon dioxide equivalent emissions that cryptocurrencies were responsible for in (1) the UK, and (2) the world, over the last 12 months.
Answered by Lord Agnew of Oulton
The Government has been monitoring developments within the cryptoasset industry, including rising energy usage.
The Cryptoasset Taskforce, comprising HM Treasury, the Financial Conduct Authority, and the Bank of England, considers the impact of cryptoassets and assesses what, if any, regulation is required in response. The Government stands ready to respond to emerging risks or changes in the market and will continue to monitor developments in cryptoassets.
In November 2020, the Chancellor announced that the UK will implement a green taxonomy – a common framework for determining which activities can be defined as environmentally sustainable – which will improve understanding of the impact of firms’ activities and investments on the environment and support our transition to a sustainable economy. More details on the green taxonomy will be announced in due course.
The Government has already taken action to ensure the UK is the world-leading centre for green finance including through announcing an intention to make disclosures aligned with the Taskforce on Climate-related Financial Disclosures (TCFD) fully mandatory across the economy by 2025, making the UK the first country to do so.
The Government is committed to upholding its pledge relating to the Paris Climate Agreement and have enacted a legally binding target to reach net zero greenhouse gas emissions by 2050. Between 1990 and 2018, the UK reduced its emissions by 43% while growing the economy by 75% – the best performance in the G7 on a per person basis and will continually assess any emerging environmental threats.
Asked by: Lord Mendelsohn (Labour - Life peer)
Question to the HM Treasury:
To ask Her Majesty's Government what plans they have to require UK (1) crypto, and (2) fintech, industries, to account for energy use in the production of digital currencies.
Answered by Lord Agnew of Oulton
The Government has been monitoring developments within the cryptoasset industry, including rising energy usage.
The Cryptoasset Taskforce, comprising HM Treasury, the Financial Conduct Authority, and the Bank of England, considers the impact of cryptoassets and assesses what, if any, regulation is required in response. The Government stands ready to respond to emerging risks or changes in the market and will continue to monitor developments in cryptoassets.
In November 2020, the Chancellor announced that the UK will implement a green taxonomy – a common framework for determining which activities can be defined as environmentally sustainable – which will improve understanding of the impact of firms’ activities and investments on the environment and support our transition to a sustainable economy. More details on the green taxonomy will be announced in due course.
The Government has already taken action to ensure the UK is the world-leading centre for green finance including through announcing an intention to make disclosures aligned with the Taskforce on Climate-related Financial Disclosures (TCFD) fully mandatory across the economy by 2025, making the UK the first country to do so.
The Government is committed to upholding its pledge relating to the Paris Climate Agreement and have enacted a legally binding target to reach net zero greenhouse gas emissions by 2050. Between 1990 and 2018, the UK reduced its emissions by 43% while growing the economy by 75% – the best performance in the G7 on a per person basis and will continually assess any emerging environmental threats.
Asked by: Lord Mendelsohn (Labour - Life peer)
Question to the HM Treasury:
To ask Her Majesty's Government whether managing the high energy impact of cryptocurrencies will be on the agenda at COP26.
Answered by Lord Agnew of Oulton
The Government’s private finance objective for the upcoming COP26 climate change forum is to ensure that every professional financial decision takes climate change into account. The recovery from COVID-19 will determine the mitigation and adaptation pathways for decades to come.
The finance campaign will provide the conditions for a future that is genuinely greener, more resilient and more sustainable than the past. Action on finance underpins all the other COP campaigns: adaptation and resilience, energy transition, nature and zero-emission vehicles. Without the right levels of finance, the rest is not possible.
The Government has already taken action to ensure the UK is the world-leading centre for green finance including through announcing an intention to make disclosures aligned with the Taskforce on Climate-related Financial Disclosures (TCFD) fully mandatory across the economy by 2025, making the UK the first country to do so.
Additionally, the Government has committed to the implementation of a green taxonomy. This will allow us to accelerate our work towards a greener financial sector, by providing a common definition for environmentally sustainable economy activities.
The Cryptoasset Taskforce, comprising HM Treasury, the Financial Conduct Authority, and the Bank of England, considers the impact of cryptoassets and assesses what, if any, regulation is required in response. The Government has been monitoring developments within the cryptoasset industry, including rising energy usage.
The Government is committed to upholding its pledge relating to the Paris Climate Agreement and have enacted a legally binding target to reach net zero greenhouse gas emissions by 2050. Between 1990 and 2018, the UK reduced its emissions by 43% while growing the economy by 75% – the best performance in the G7 on a per person basis and will continually assess any emerging environmental threats.
Asked by: Lord Mendelsohn (Labour - Life peer)
Question to the HM Treasury:
To ask Her Majesty's Government what plans they have to support the Crypto Climate Accord initiative ahead of COP26; and what steps they plan to take to build support among the UK (1) crypto, and (2) fintech, industries for the cryptocurrency sector to be powered by 100 per cent renewable energy sources.
Answered by Lord Agnew of Oulton
The Government’s private finance objective for the upcoming COP26 climate change forum is to ensure that every professional financial decision takes climate change into account. The recovery from COVID-19 will determine the mitigation and adaptation pathways for decades to come.
The finance campaign will provide the conditions for a future that is genuinely greener, more resilient and more sustainable than the past. Action on finance underpins all the other COP campaigns: adaptation and resilience, energy transition, nature and zero-emission vehicles. Without the right levels of finance, the rest is not possible.
The Government has already taken action to ensure the UK is the world-leading centre for green finance including through announcing an intention to make disclosures aligned with the Taskforce on Climate-related Financial Disclosures (TCFD) fully mandatory across the economy by 2025, making the UK the first country to do so.
Additionally, the Government has committed to the implementation of a green taxonomy. This will allow us to accelerate our work towards a greener financial sector, by providing a common definition for environmentally sustainable economy activities.
The Cryptoasset Taskforce, comprising HM Treasury, the Financial Conduct Authority, and the Bank of England, considers the impact of cryptoassets and assesses what, if any, regulation is required in response. The Government has been monitoring developments within the cryptoasset industry, including rising energy usage.
The Government is committed to upholding its pledge relating to the Paris Climate Agreement and have enacted a legally binding target to reach net zero greenhouse gas emissions by 2050. Between 1990 and 2018, the UK reduced its emissions by 43% while growing the economy by 75% – the best performance in the G7 on a per person basis and will continually assess any emerging environmental threats.
Asked by: Lord Mendelsohn (Labour - Life peer)
Question to the HM Treasury:
To ask Her Majesty's Government what assessment they have made of the level of energy use in the mining of Bitcoin, as identified by the Cambridge Bitcoin Electricity Consumption Index; and what steps they will take to address the environmental harms of cryptocurrencies.
Answered by Lord Agnew of Oulton
The Government has been monitoring developments within the cryptoasset industry, including rising energy usage.
The Cryptoasset Taskforce, comprising HM Treasury, the Financial Conduct Authority, and the Bank of England, considers the impact of cryptoassets and assesses what, if any, regulation is required in response. The Government stands ready to respond to emerging risks or changes in the market and will continue to monitor developments in cryptoassets.
In November 2020, the Chancellor announced that the UK will implement a green taxonomy – a common framework for determining which activities can be defined as environmentally sustainable – which will improve understanding of the impact of firms’ activities and investments on the environment and support our transition to a sustainable economy. More details on the green taxonomy will be announced in due course.
The Government has already taken action to ensure the UK is the world-leading centre for green finance including through announcing an intention to make disclosures aligned with the Taskforce on Climate-related Financial Disclosures (TCFD) fully mandatory across the economy by 2025, making the UK the first country to do so.Asked by: Lord Mendelsohn (Labour - Life peer)
Question to the HM Treasury:
To ask Her Majesty's Government whether (1) the Cryptoasset Taskforce, or (2) any government department, collects or collates data on the environmental impact of cryptocurrencies; and if so, when any such data will be published.
Answered by Lord Agnew of Oulton
The Government has been monitoring developments within the cryptoasset industry, including rising energy usage.
The Cryptoasset Taskforce, comprising HM Treasury, the Financial Conduct Authority, and the Bank of England, considers the impact of cryptoassets and assesses what, if any, regulation is required in response. The Government stands ready to respond to emerging risks or changes in the market and will continue to monitor developments in cryptoassets.
In November 2020, the Chancellor announced that the UK will implement a green taxonomy – a common framework for determining which activities can be defined as environmentally sustainable – which will improve understanding of the impact of firms’ activities and investments on the environment and support our transition to a sustainable economy. More details on the green taxonomy will be announced in due course.
The Government has already taken action to ensure the UK is the world-leading centre for green finance including through announcing an intention to make disclosures aligned with the Taskforce on Climate-related Financial Disclosures (TCFD) fully mandatory across the economy by 2025, making the UK the first country to do so.Asked by: Lord Mendelsohn (Labour - Life peer)
Question to the HM Treasury:
To ask Her Majesty's Government, further to the establishment of the Bitcoin Mining Council, what steps they will take (1) to encourage the use of renewable power and sustainable Bitcoin mining, and (2) to monitor the effectiveness of the Council.
Answered by Lord Agnew of Oulton
The Government has been monitoring developments within the cryptoasset industry, including rising energy usage.
The Cryptoasset Taskforce, comprising HM Treasury, the Financial Conduct Authority, and the Bank of England, considers the impact of cryptoassets and assesses what, if any, regulation is required in response. The Government stands ready to respond to emerging risks or changes in the market and will continue to monitor developments in cryptoassets.
In November 2020, the Chancellor announced that the UK will implement a green taxonomy – a common framework for determining which activities can be defined as environmentally sustainable – which will improve understanding of the impact of firms’ activities and investments on the environment and support our transition to a sustainable economy. More details on the green taxonomy will be announced in due course.
The Government has already taken action to ensure the UK is the world-leading centre for green finance including through announcing an intention to make disclosures aligned with the Taskforce on Climate-related Financial Disclosures (TCFD) fully mandatory across the economy by 2025, making the UK the first country to do so.