Climate Change

Richard Burgon Excerpts

Wednesday 24th June 2026 Commons Chamber

[Katie White]

I will make some progress.

Postponing difficult decisions has never been how our country has met its greatest challenges. We have always been strongest when we have looked beyond the immediate horizon, recognised the risks ahead and taken practical steps to prepare for them. That is what the carbon budget framework represents: a science-led budget to reduce emissions by around 87% between 2038 and 2042 compared with 1990 levels, including in international aviation and shipping. The framework is in line with the advice from the independent Climate Change Committee and is endorsed by the Environmental Audit Committee, which I thank for its rigorous scrutiny, including in the evidence session that it held with me last week.

Alongside the carbon budget framework, the regulations before the House today will formally include the UK’s share of international aviation and shipping emissions in carbon budgets from carbon budget 6 onwards, while the Climate Change Act 2008 (Credit Limit) Order 2026 will ensure that carbon budget 5 is met through domestic action, allowing the UK economy to capture the full benefits of the transition.

[Richard Burgon (Leeds East) (Lab)]

Will the Minister give way?

[Katie White]

I will keep going.

In determining the level of the seventh carbon budget, we assessed different pathways for Britain’s future. What the analysis showed was remarkably clear: whether viewed through the lens of economic growth, national security, public health or long-term prosperity, the benefits of continuing on Britain’s path to net zero significantly outweigh the benefits of abandoning it. Let me explain why.

The first reason is business uncertainty. This framework provides something every successful economy depends on and every serious business asks for: certainty. Investment flows not to the country with the lowest costs or the biggest market, but to the country with a plan. It flows to the country where business investors and entrepreneurs can look 10, 15 or 20 years into the future and have confidence about the direction of travel.

Yesterday, in a career highlight, I was proud to open the London stock exchange to mark London Climate Action Week. It also celebrates a remarkable finding in new analysis by the London stock exchange, which is that the global green economy is now worth more than $10 trillion. Its analysis has found that green revenues grew by 5.3% in 2025, despite energy shocks, market volatility and geopolitical tensions. Here in the UK, I am proud to announce that this Government have officially secured £100 billion of private investment in clean energy since taking office.

The message from investors could not be clearer: the race is on. Capital is flowing towards the countries that are building, planning and backing the industries of the future, and that is one of the great strengths of the Climate Change Act and the carbon budget framework. For almost two decades, that has provided a stable and predictable signal about where Britain is heading, giving businesses the confidence to invest, innovate and grow.