Asked by: Alexander Stafford (Conservative - Rother Valley)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment he has made for the implications of is policies of the report entitled the UK Green Taxonomy, published December 2022 by the APPG on Environmental, Social, and Governance.
Answered by Andrew Griffith - Minister of State (Department for Science, Innovation and Technology)
The UK is a leading centre for green finance, with London having been ranked first in the world for a third year, according to the Global Green Finance Index. It is important that our approach for the taxonomy builds on this and contributes to our ambition to be the world’s first net zero-aligned financial centre.
The value of a taxonomy rests on its credibility as a practical and useful tool for corporates and investors, that its users recognise as science-based. It is important that we learn from the approach taken in other jurisdictions, and take the time to get this right for the UK and the market. The UK Green Taxonomy Consultation is under review and the government will be setting out next steps in due course.
The government has been engaging closely with the independent Green Technical Advisory Group and is considering the recommendations which they have recently published. The government has noted the publication of the UK Green Taxonomy report, by the APPG on Environmental, Social, and Governance, and will consider the views of a variety of stakeholders as it prepares to set out its next steps.
The Government has also been supporting the development of international standards in green finance, for example through the International Sustainability Standards Board.
Asked by: Alexander Stafford (Conservative - Rother Valley)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, with reference to the report on the UK Green Taxonomy published by the APPG on Environmental, Social, and Governance, whether the UK Green Taxonomy should be (a) credible, (b) useable, and (c) interoperable.
Answered by Andrew Griffith - Minister of State (Department for Science, Innovation and Technology)
The UK is a leading centre for green finance, with London having been ranked first in the world for a third year, according to the Global Green Finance Index. It is important that our approach for the taxonomy builds on this and contributes to our ambition to be the world’s first net zero-aligned financial centre.
The value of a taxonomy rests on its credibility as a practical and useful tool for corporates and investors, that its users recognise as science-based. It is important that we learn from the approach taken in other jurisdictions, and take the time to get this right for the UK and the market. The UK Green Taxonomy Consultation is under review and the government will be setting out next steps in due course.
The government has been engaging closely with the independent Green Technical Advisory Group and is considering the recommendations which they have recently published. The government has noted the publication of the UK Green Taxonomy report, by the APPG on Environmental, Social, and Governance, and will consider the views of a variety of stakeholders as it prepares to set out its next steps.
The Government has also been supporting the development of international standards in green finance, for example through the International Sustainability Standards Board.
Asked by: Alexander Stafford (Conservative - Rother Valley)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if he has made an assessment for the implications of his policies of the report on the UK Green Taxonomy published by the APPG on Environmental, Social, and Governance.
Answered by Andrew Griffith - Minister of State (Department for Science, Innovation and Technology)
The UK is a leading centre for green finance, with London having been ranked first in the world for a third year, according to the Global Green Finance Index. It is important that our approach for the taxonomy builds on this and contributes to our ambition to be the world’s first net zero-aligned financial centre.
The value of a taxonomy rests on its credibility as a practical and useful tool for corporates and investors, that its users recognise as science-based. It is important that we learn from the approach taken in other jurisdictions, and take the time to get this right for the UK and the market. The UK Green Taxonomy Consultation is under review and the government will be setting out next steps in due course.
The government has been engaging closely with the independent Green Technical Advisory Group and is considering the recommendations which they have recently published. The government has noted the publication of the UK Green Taxonomy report, by the APPG on Environmental, Social, and Governance, and will consider the views of a variety of stakeholders as it prepares to set out its next steps.
The Government has also been supporting the development of international standards in green finance, for example through the International Sustainability Standards Board.
Asked by: Alexander Stafford (Conservative - Rother Valley)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what plans he has to update the UK Green Taxonomy.
Answered by Andrew Griffith - Minister of State (Department for Science, Innovation and Technology)
The UK is a leading centre for green finance, with London having been ranked first in the world for a third year, according to the Global Green Finance Index. It is important that our approach for the taxonomy builds on this and contributes to our ambition to be the world’s first net zero-aligned financial centre.
The value of a taxonomy rests on its credibility as a practical and useful tool for corporates and investors, that its users recognise as science-based. It is important that we learn from the approach taken in other jurisdictions, and take the time to get this right for the UK and the market. The UK Green Taxonomy Consultation is under review and the government will be setting out next steps in due course.
The government has been engaging closely with the independent Green Technical Advisory Group and is considering the recommendations which they have recently published. The government has noted the publication of the UK Green Taxonomy report, by the APPG on Environmental, Social, and Governance, and will consider the views of a variety of stakeholders as it prepares to set out its next steps.
The Government has also been supporting the development of international standards in green finance, for example through the International Sustainability Standards Board.
Asked by: Alexander Stafford (Conservative - Rother Valley)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what fiscal steps his Department is taking to level up communities.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
The Levelling Up White Paper set out a clear plan to level up every corner of the UK by 2030.
The £150m Community Ownership Fund is helping communities across England, Scotland, Wales and Northern Ireland to take ownership of assets at risk of closure.
And we’re continuing to invest billions in regional infrastructure, including £1.7 billion already awarded through the Levelling Up Fund.
Asked by: Alexander Stafford (Conservative - Rother Valley)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, with reference to the Office for Budget Responsibility's publication entitled What does faster take-up of electric cars mean for tax receipts, published in March 2022, if he will make an assessment of the potential merits of raising targets in the ZEV mandate to reflect the OBR's forecast for electric car sales.
Answered by James Cartlidge - Minister of State (Ministry of Defence)
The government is fully supportive of the transition to electric vehicles. The government is analysing responses to the technical consultation on zero emission vehicle (ZEV) mandate policy design, and will bring forward the Government’s response, and a full regulatory proposal and cost benefit analysis, in due course.
Asked by: Alexander Stafford (Conservative - Rother Valley)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps his Department is taking to help unlock capital for SMEs in Britain.
Answered by Felicity Buchan - Parliamentary Under Secretary of State (Department for Levelling Up, Housing and Communities)
The Government has a wide range of levers to help SMEs across the country access the capital they need to thrive and grow.
The British Business Bank brings together a range of programmes, spanning debt and equity finance as well as regional funds, which help ensure that financial markets are working for SMEs. These programmes are supporting over £10.8 billion of finance to over 93,000 SMEs across the UK.
The Government provides three tax-advantaged venture capital schemes: the Enterprise Investment Scheme (EIS), Seed Enterprise Investment Scheme (SEIS) and Venture Capital Trusts (VCTs). These schemes are designed to encourage investment in higher-risk, early-stage companies which face some of the biggest challenges in accessing growth capital.
The Government is also working with industry to identify and address barriers to institutional investment into a broader range of assets, which could help unlock more capital for UK SMEs and improve returns for pension savers.
Asked by: Alexander Stafford (Conservative - Rother Valley)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what his timetable is for the publication of the consultation on the UK's Sustainable Investment Taxonomy in the context of the energy crisis.
Answered by Andrew Griffith - Minister of State (Department for Science, Innovation and Technology)
It is important to get this policy right for the UK. The UK Green Taxonomy Consultation is under review and the Government will be setting out next steps in due course.
Asked by: Alexander Stafford (Conservative - Rother Valley)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, with reference to the statement in the Green Finance Framework published on 30 June 2021 that the Government will not finance any nuclear energy-related expenditures under that Framework, when he next plans to review that Framework; and if he will make an assessment of the potential impact of including nuclear energy in the scope of a revised Framework on (a) progress towards achieving Net Zero and (b) energy security.
Answered by Andrew Griffith - Minister of State (Department for Science, Innovation and Technology)
As set out in the Green Financing Framework, the government recognises that nuclear is, and will continue to be, a key part of the UK’s low-carbon energy mix alongside solar and wind generation and carbon capture and storage. All these technologies are important in tackling climate change and diversifying the UK’s supply, contributing to the UK’s energy security and sustainable growth.
HM Treasury will review the Framework on a regular basis. It may be amended from time to time to take account of any changes that HM Treasury considers appropriate.
Asked by: Alexander Stafford (Conservative - Rother Valley)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment his Department has made of the potential impact of the temporary windfall tax on future investment plans of electricity generation companies.
Answered by Lucy Frazer - Secretary of State for Culture, Media and Sport
Within the Economy Update on 26th May, the Chancellor announced the Government is urgently evaluating the scale of extraordinary profits in the energy generation sector and the appropriate next steps.
As part of this process, officials are currently engaging with industry stakeholders, to gather evidence on energy generator’s level of profitability and the operation of their business models.
The PM’s ten-point plan and recent energy security strategy has set the UK on a pathway to a significant movement away from gas generation and towards renewables and low-carbon technologies.
The Government recognises that any measures, tax or otherwise, need to be proportionate and avoid creating undue distortion or impacts on UK investment.