Oral Answers to Questions

Helen Hayes Excerpts

Tuesday 30th January 2018 Commons Chamber

[Andrew Griffiths]

The hon. Gentleman will know that that issue is the subject of an urgent question later on in the House. I would hate to spoil his fun, so I will leave it to others.

[Helen Hayes (Dulwich and West Norwood) (Lab)]

9. What assessment he has made of the UK’s ability to meet its carbon reduction targets.

[The Minister for Energy and Clean Growth (Claire Perry)]

If you will indulge me, Mr Speaker, I would like to pay tribute to the hon. Lady’s predecessor, who made an amazing and powerful speech in the other place. It was quite astonishing.

We should all be proud of the excellent progress the UK has made in meeting its carbon reduction targets. The current numbers show that we have met out first budget, are on track to exceed our second and third budgets and are 97% and 95% of the way to meeting our fourth and fifth budgets. The clean growth strategy that I brought forward last year sets out an ambitious set of 50 policies and proposals that will help us to meet those targets.

[Helen Hayes]

I thank the Minister for her tribute to my predecessor, Baroness Jowell, who is much loved in Dulwich and West Norwood.

Southwark Council confirmed last week that it has invested its £150 million pension fund in a low-carbon investment, concluding that continuing to hold significant investments in fossil fuels in the context of climate change would present a long-term financial risk to the fund. Will the Minister tell me what conversations she is having with private firms with large pension funds to encourage and facilitate divestment from fossil fuels, which is now clearly the most responsible decision for pension fund members and the future of our planet?

[Claire Perry]

The hon. Lady points out the very powerful fact that the Government can set policy and bring forward achievable targets, such as our renewables ambition, but we also need the private sector and private capital to be involved in financing this transition. I have numerous conversations with companies about what they are doing with their own investments and, equally, about what they will be doing to help other companies to invest in a more sustainable future. I refer her to the Powering Past Coal Alliance, which I launched with my Canadian counterpart last year and which is helping the world to get off the dirtiest form of fossil fuel heating.