Green Economic Recovery

Lord Taylor of Goss Moor Excerpts

Monday 14th December 2020 Lords Chamber

[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.

[Lord Taylor of Goss Moor (LD) [V]]

My Lords, first, I draw attention to my registered interests in renewable heat and sustainable development. Will the Minister acknowledge that the present taxation system fails to reflect the shift in the carbon intensity of energy, with sustainable electricity—and, indeed, electricity in general, which is now much more low-carbon—costing four times, per kilowatt, what gas now does? Is it not time to shift the tax system to reflect the priorities the Government have in their green agenda to shift what people do?

[Lord Callanan (Con)]

I thank the noble Lord for trying to tempt me down the road of reforming the tax system, but I will happily leave that for the Chancellor to announce.