Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what fiscal steps he is taking to tackle climate change.

The Chancellor’s announcements at the Spending Review support the Prime Minister’s Ten Point Plan for a green industrial revolution to help the UK achieve net zero by 2050.

The Spending Review commits to spend £12 billion of public investment, kickstarting our transition to net zero and boosting the UK’s global leadership on green infrastructure and technologies ahead of COP26 next year.

The Ten Point Plan will support up to 250,000 highly-skilled green jobs in the UK, and spur over three times as much private sector investment by 2030.

The Government uses a range of levers to meet its environmental objectives. For example, the Chancellor has announced the UK government’s intention to issue its inaugural green gilt in 2021, subject to market conditions. The green gilt will help to finance projects that are critical to achieving the UK’s ambitious environmental and climate goals, particularly its commitment to Net Zero by 2050.

The Treasury has launched the Net Zero Review to explore how the transition to a net zero economy will be funded, and where the costs will fall. The Review will look at options for a balance of contributions between households, businesses and the taxpayer, and how to maximise economic growth opportunities from the transition.