Greenhouse Gas Emissions: Tax Strategy

Baroness Bottomley of Nettlestone Excerpts

Tuesday 6th July 2021 Lords Chamber

[Baroness Penn (Con)]

My Lords, the Government are taking to COP 26 one of the most ambitious nationally determined contributions towards meeting those global climate change challenges. We are also looking at working internationally to look at issues such as carbon leakage across different markets, and we will continue to do so.

[Baroness Bottomley of Nettlestone (Con)]

We can welcome the steps that the Government have taken to support our climate and environmental objectives through the tax system—I am certainly eagerly looking forward to COP 26, when I hope that the net-zero review will have been published—but can my noble friend the Minister describe how these policies fit with the Government’s wider climate strategy across tax, spending and stimulating the commercial sector?

[Baroness Penn (Con)]

My noble friend is absolutely right that our climate strategy extends beyond tax. That is why the Prime Minister’s 10-point plan mobilises £12 billion of government investment to create and support up to 250,000 highly-skilled green jobs. Crucially, we hope that it will also spur over three times as much private sector investment by 2030.