Climate Action and Extinction Rebellion Debate
Full Debate: Read Full DebateDepartment: Department for Business, Energy and Industrial Strategy
Catherine McKinnell
Main Page: Catherine McKinnell (Labour - Newcastle upon Tyne North)Department Debates - View all Catherine McKinnell's debates with the Department for Business, Energy and Industrial Strategy
Climate Action and Extinction Rebellion
Catherine McKinnell Excerpts(5 years ago)
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Claire Perry
I thank the hon. Lady for my inadvertent promotion. She just has to look at the numbers: we have had the cleanest year for electricity generation that we have ever had, and this weekend this country, which was built on coal, went for the longest period ever without using any coal. We are legislating to ensure that homes will have no more fossil fuel heating, and 42,000 homes in my constituency are now off the gas grid. From 2025, no home will be able to be built there unless it has some other form of heating. [Interruption.] The hon. Lady shakes her head, but she knows better than many in this place, given her long involvement in these matters, that it is all very well for politicians to stand up and mouth empty platitudes but what we have to do is deliver actions, not words. That is what we are delivering.
Catherine McKinnell (Newcastle upon Tyne North) (Lab)
As the Minister knows, the Governor of the Bank of England warned last week that climate change poses a financial risk to investments such as people’s pension savings. In March, the $1 trillion Norwegian sovereign wealth fund declared that it would no longer invest in oil and gas exploration, in order to minimise exposure to those climate-related financial risks. What steps will the Minister take to ensure that the green finance strategy includes incentives for people to invest and for organisations to provide investments that are sustainable?
Claire Perry
The hon. Lady is right to raise the issue of pension fund investing. When we had our Green Great Britain Week last year, we said that one of the most effective things that an individual could do was to their move pension fund if they were able to, or to lobby the trustees of their pension fund, like the House of Commons pension fund’s trustees, to move away from fossil fuel or unsustainable investment. The opportunities are there, and I am really proud of the work that the Bank of England has done on the climate risk disclosure, but clearly we need to do more. If the hon. Lady has ideas, we would be extremely keen to discuss them, because we would be much better off if we all put our heads together.