Budget Resolutions and Economic Situation

Andrea Leadsom Excerpts
Tuesday 9th March 2021

(3 years ago)

Commons Chamber
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Andrea Leadsom Portrait Andrea Leadsom (South Northamptonshire) (Con)
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I am full of praise for the Chancellor’s work to protect jobs and businesses as we emerge from lockdown, and I support the measures he announced in the Budget, but I also urge him to give even greater focus than he has done to the prospects for our green economy.

In my stint as Business Secretary, I rewrote the Department’s objectives, so that its top priority was for the UK to lead the world in tackling global climate change. On the one hand, there is no doubt that that is the right thing to do—the future of our planet keeps far too many people awake at night. However, on the other hand, building a green economy also makes superb business sense for the UK.

First, the UK is at the forefront of developing green technologies: from offshore wind to nuclear fusion and green hydrogen, we are leading the way. Secondly, the UK has more than 450,000 people in the green collar workforce already. In my time at BEIS, I was confident that a target of 2 million green jobs by 2030 was possible. The particular beauty of the green economy is the breadth of employment opportunities—from apprenticeships in solar power to decarbonisation of heavy industry to cutting- edge scientific discoveries, there is something for all talents. The UK’s green economy could become a bigger jewel in our crown than UK financial services is today, and I urge the Chancellor to share that vision.

COP26 is a great platform, and we need radical action with world-changing initiatives, so I want to put forward three specific ideas. The first is to announce at COP26 a yearbook in which the Paris agreement signatories can record their Government, state and business-level achievements—transparency so that all can see and challenge, while the discussion continues over the more formal measurements.

The second idea is to announce at COP26 three ambitious bilateral commitments to decarbonisation by 2030. The UK can be a key role model, and those pledges could include, for example, working with India on delivering 100 GW of battery storage around the world, with China to deliver 200 GW of offshore wind, and with Brazil, say, to deliver 0.5 billion hectares of new woodland around the world.

The third idea is to announce at COP26 a global green investment bank. Our former rock star central banker, Mark Carney, is now the Prime Minister’s green adviser, and he should be pulling together the global pensions industry, project financing and green investment expertise to work together on financing the decarbonisation of our planet.

As one of the great heroes, Sir David Attenborough, has said,

“real success can only come if there is a change in our societies and in our economics and in our politics.”

The UK has the chance post Brexit to lead that change.

Nigel Evans Portrait Mr Deputy Speaker (Mr Nigel Evans)
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Very professionally done, as we expected, Andrea. Thank you for helping us out. I think our comms are now back. Let us see if we have Barry Sheerman.