Question to the HM Treasury:

To ask the Chancellor of the Exchequer, with reference to paragraph 2.1.2 of her Department’s policy paper entitled UK Government Green Financing Framework, published on 26 November 2025, for what reason facilities intended for the production of weapons grade nuclear material or for other primarily military uses are excluded; and what assessment she has made with the Secretary of State for Defence of the potential impact of this exclusion on the level of private sector participation in the Trident renewal programme.

The Green Financing Framework, updated in 2025, explains how proceeds from green gilts and NS&I’s retail Green Savings Bonds will finance public expenditures that have the goal of delivering a direct and positive environmental impact.

Eligible expenditures are assessed on the basis of their contribution to the government’s climate and environmental objectives. Military nuclear spending, including the Trident renewal programme, is primarily for national defence purposes and as such is not eligible to be financed under the Framework. This exclusion is in line with international norms for green bond frameworks and enables the UK’s green gilts to be accessible to the greatest possible pool of investors, improving value-for-money.

The Green Financing Framework only applies to public expenditures and does not apply to private investment. Eligible expenditures are drawn from departments’ confirmed Spending Review settlements. There has been no rationale for HM Treasury and the Ministry of Defence to assess the potential impact on private sector participation in the Trident renewal programme.