Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what steps he is taking to invest in infrastructure to mitigate against climate change.

The Government is fully committed to achieving its net zero emissions targets under the Climate Change Act. The Net Zero Strategy sets out the Government’s plans to meet these targets, including on empowering the public and business to make green choices.

The Budget and Spending Review 2021 confirmed that since March 2021 the Government has committed a total of £30bn of domestic investment for the green industrial revolution.

Alongside investment in green infrastructure set out in Spending Review 2021, the Government has also established the UK Infrastructure Bank with £22 billion of financial capacity to invest in infrastructure to help tackle climate change and to support regional and local economic growth across the UK.

Following the publication of the UK’s Third Climate Change Risk Assessment earlier this year, the Government is now developing the third National Adaptation Programme, to be laid in Parliament in 2023, which will address the risks facing the UK from climate change. This work is led by the Department for Environment, Food & Rural Affairs in consultation with relevant departments, including HM Treasury.