Written Questions are submitted by MPs or Lords to receive information from a Department.
|13 Jul 2020, 2:42 p.m.||Nickie Aiken (Conservative - Cities of London and Westminster)||Nickie Aiken (Conservative - Cities of London and Westminster)|
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment his Department has made of the potential merits of applying a net-zero test to proposed (a) spending and (b) taxation in support of the Government’s commitment to reduce greenhouse gas emissions to net zero by 2050.
Answered by Kemi Badenoch - Exchequer Secretary (HM Treasury)
The Government continues to work towards achieving the long-term changes in our economy that are necessary to achieve net zero by 2050. The Treasury is conducting a review into how the transition over the next 30 years will be funded and where the costs will fall. This will include principles to guide decision-making. In parallel, we are committed to applying an ambitious carbon price from 1 January 2021 and are legislating to establish a UK Emissions Trading System as well as a Carbon Emissions Tax. HM Treasury’s world-leading Green Book guidance on appraisal and evaluation provides detailed advice for valuing the costs and benefits of interventions, including climate change mitigation and other environmental impacts.