State of Climate and Nature

Bernard Jenkin Excerpts

Monday 14th July 2025 Commons Chamber

[Ed Miliband]

Following the successful roll-out to schools and hospitals, we have had a lot of requests to expand the scheme and I am very enthusiastic about doing so. It is something we are looking at.

[Sir Bernard Jenkin (Harwich and North Essex) (Con)]

I am as passionate as the Secretary of State about achieving net zero across the world and about the decline in species in our natural environment, but that cannot be the only thing we worry about. I do not know whether he has had time to read the “Fiscal risks and sustainability” report produced last week, but it shows that the cost to the public Exchequer of achieving net zero will be 21% of GDP. We know that an argument is going on inside the Government and inside the Labour party about this very issue. This is a question of balancing the risks, because if the Government run out of money because they are overspending, there will not be any money to spend on reversing climate change.

[Ed Miliband]

I have read the report, and the bit that the hon. Gentleman did not mention is where it says that if we end up in a 3°C world, we will add 56% of GDP to net debt. That is the cost of inaction. This is the point. Nick Stern—Lord Stern—produced a report in the 2000s which said that the costs of inaction were greater than the costs of action. This Office for Budget Responsibility fiscal risks report sets out very clearly that we will lose 8% of our GDP by 2070 if we do not act. Of course there is a cost to acting, and the report sets out different scenarios for public and private investment, but the evidence in that report could not be clearer about the costs of inaction, and they are far greater than the costs of action.