Climate Change: Housing Insurability, Mortgage Lending and Financial Resilience

Baroness Jones of Moulsecoomb Excerpts

Monday 13th July 2026 Lords Chamber

[Lord Livermore (Lab)]

I am grateful to the noble Baroness for her question. She is absolutely right in what she said about climate change. The Intergovernmental Panel on Climate Change—the world’s foremost authority on climate change science—established in its sixth assessment report that climate change is real and is being driven by greenhouse gas emissions. It predicts that if the rate of warming is not limited to 1.5 degrees centigrade above pre-industrial levels, we risk severe and irreversible damage to our planet and our people. Of course, it will be good if we maintain a cross-party consensus on the measures necessary to tackle that.

I heard what the noble Baroness said about financial stability. She will know that the Bank of England’s December 2025 financial stability report set out the committee’s assessment of climate-related risk to UK financial stability: it is low relative to other countries in the shorter term.

[Baroness Jones of Moulsecoomb (GP)]

My Lords, the Minister has been saying some very important things about climate change: that it is happening and is very dangerous. But I do not really understand why he keeps using the term “longer term” because, quite honestly, it is happening now. It is not only about economic and financial stability but about the safety and well-being of people. It seems to me that this Government, judging from the legislation coming through at the moment, do not have any sense of urgency. Can the Minister take that back to his department and talk urgency?

[Lord Livermore (Lab)]

The Government have already committed significant investment in the transition to net zero, including £2.6 billion to decarbonise transport, £1.4 billion to support the uptake of electric vehicles, £2.7 billion a year for sustainable farming and nature recovery, and £13.2 billion to support the rollout of heat pumps and other low-carbon technologies as part of the warm homes plan, so I do not accept what the noble Baroness has said.