(3 weeks, 5 days ago)
Commons Chamber
Bobby Dean (Carshalton and Wallington) (LD)
The Parliamentary Under-Secretary of State for Energy Security and Net Zero (Katie White)
The Secretary of State will publish an energy resilience strategy later this year. Last week, alongside the Minister for Energy Security and Net Zero, I launched a first-of-its-kind taskforce with external experts from security, the military and academia, to boost preparedness for climate change and nature loss.
Bobby Dean
The Office for Budget Responsibility fiscal report, out today, highlights some of the long-term risks of climate damage to the UK’s finances. Unlike other OBR reports at formal fiscal events, there are no implications for the Government; they do not have to make any adjustments to their current financial planning. If he were to be moved to the Treasury, would the Secretary of State consider changing the fiscal rules to encourage more long-term planning for things like climate change?
Katie White
As I am the one answering the hon. Member’s question, I cannot comment on those decisions. The OBR has put forward various reports to look at the impacts of climate change on our economy, and the value of investment versus the cost of inaction. The OBR has been incredibly helpful, as have various parts of our financial architecture across the City, which is looking at where the risks are. The taskforce that I mentioned will also look at the impact on finances and the economy.