Climate Change Policy

Deidre Brock Excerpts

Tuesday 23rd April 2019 Commons Chamber

[Claire Perry]

I thank my right hon. Friend for his comments, and I would also like to pay tribute to my right hon. Friend the Member for Ruislip, Northwood and Pinner (Mr Hurd), who did so much in this brief before I was lucky enough to take it on. My right hon. Friend the Member for Mid Sussex (Sir Nicholas Soames) is absolutely right: a sense of proportion is hugely important. I can go further and say that not only are we among the leaders, but, according to independent research, we have led the G20 in decarbonising our economy through looking at carbon intensity. Again, this is not to say that there is not more to do; it is to say that it can be done—it can be done in a way that does not jeopardise energy security, and does not put undue cost burdens on consumers or businesses—and that while we know there is more to do, we should take hope from the progress that we have made.

[Deidre Brock (Edinburgh North and Leith) (SNP)]

May I thank the Minister for advance sight of her statement? I have to say, however, that this statement seems very empty. It appears to be a case of saying something because she has to say something, rather than because she has something to say. It is a reaction to the protests we have seen, rather than a real plan for the future or any indication that there is a real plan for the future.

Since there was no mention of it in her statement, may I ask the Minister: where is the Government’s response to the report of the green finance taskforce? We were promised it in the spring of this year, and surely there should have been at least some indication of that in this statement on the way forward. Where, too, is the response to the comments of the Governor of the Bank of England warning of the economic risks of the low-carbon transition? Will the Government commit to creating a green and resilient pipeline of low-carbon projects, and will she clarify that institutional investors will be made responsible for limiting climate-related financial risks to pensions, savings and investments?

In June last year, the Environmental Audit Committee warned of an “alarming collapse” in investment in renewable energy, and this morning the Minister told us that wave and tidal power had been outcompeted for support. What are the Government doing to address the low investment in renewables? Finally, the UK is set to miss its emissions reduction targets under the Climate Change Act for the fourth carbon budget by 3% to 12%, and for the fifth carbon budget by 6% to 20%. Will she commit the Government to implementing the recommendations of its own green finance taskforce in full, and will she give that commitment today?

[Claire Perry]

As I set up the green finance taskforce, along with my hon. Friend the Economic Secretary to the Treasury, I am absolutely committed to bringing forward many of its proposals. Indeed, we have been making progress on its proposals. We are very lucky—again, it is a source of great success for us—that we have one of the most innovative financial capabilities in the world, and we are really capable of advancing progress in that area. For example, we have set up the green finance institute; there is the green finance strategy, and more details will be coming forward.

The hon. Lady raised the question of wave and tidal, and I just want to clarify that slightly. It is a question of how, if we have a limited amount of money, we are best to spend it to achieve the decarbonisation targets we want with the best value to taxpayers. I believe we have spent almost £60 million on innovation funding for wave and tidal—I will make sure that number is correct, and write to the hon. Lady if it is not—and we look carefully at every proposal that has come forward. I was very pleased to meet the Marine Energy Council, working on a cross-party basis, to see how we might do more to go forward.

Finally, I do not want to nit-pick, but the hon. Lady is citing numbers on the budgets that are simply not true. We are currently at 95% of where we need to be to meet CB4, which ends in 2027, and 93% of the way to meet CB5, which ends in 2032. Importantly, we are bringing forward policies and proposals all the time, including the proposals made in the spring statement, against which we have not yet done a CO₂ accounting. As the House knows, I am confident that, with a level of investment, focus and support, we will achieve these budgets. However, that will not be enough to get us to a zero-carbon emissions net target by 2050, which is why we will have to continue to innovate and invest.