Green Economic Recovery Debate
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Lord Sheikh
Main Page: Lord Sheikh (Conservative - Life peer)Department Debates - View all Lord Sheikh's debates with the Department for Business, Energy and Industrial Strategy
Green Economic Recovery
Lord Sheikh Excerpts(3 years, 4 months ago)
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Lord Callanan (Con)
The noble Lord is quite right to point out the importance of low-carbon hydrogen, and, working with industry, we are aiming for 5 gigawatts of low-carbon hydrogen production capacity by 2030. We will try to ensure that all parts of the United Kingdom can benefit.
Lord Sheikh (Con) [V]
My Lords, I declare an interest, as I am the co-chair of the APPG on Islamic Finance. Islamic finance can play a role in the green industrial revolution. As we will issue our first sovereign green bonds in 2021, I ask my noble friend the Minister: will Her Majesty’s Government consider the issuance of green sovereign sukuks, which will help support a green economic recovery following the pandemic? I believe that our financial services sector will play a key role in the economic recovery.
Lord Callanan (Con)
As the noble Lord rightly acknowledges, next year the UK will issue its first sovereign green bonds, subject to market conditions, and it intends to follow up with a series of further issuances to meet growing investor demand. However, this is a matter for the Treasury, whose Ministers will update Parliament shortly.