Oral Answers to Questions

Matthew Pennycook Excerpts

Tuesday 29th September 2020 Commons Chamber

[Kwasi Kwarteng]

We do have extensive plans. We have further plans for decarbonising freight that will form part of the transport decarbonisation plan, which we expect to publish later this year. We work constantly with other Departments to ensure that we can reach our net zero targets. My hon. Friend is quite right to emphasise, in particular, the role that transport plays in carbon emissions.

[Matthew Pennycook (Greenwich and Woolwich) (Lab)]

If we want business to play its full part in reducing emissions and to finance the innovation and infrastructure critical to the transition to a low-carbon economy, the Government need to address the very real barriers to private investment. One obvious way to do so is through a national investment bank with a clear mandate to channel both public and private capital towards projects that aid a green recovery and help the country to achieve its net zero target. Does the Minister’s Department as a whole support the establishment of such a bank, and if so, will he update the House on what progress has been made in convincing his colleagues in the Treasury to get behind the proposal?

[Kwasi Kwarteng]

It is no secret that there is plenty of discussion about a national infrastructure bank. The Green Investment Bank, which was set up in 2015, was successful, and this is something that we are constantly in conversations about.