Carbon Emissions: Finance

(asked on 15th December 2022) - View Source

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what plans he has to incorporate lessons learned from the recent UK Investment Bank local lending pilots into government policy on financing Net Zero.


Answered by
James Cartlidge Portrait
James Cartlidge
Minister of State (Ministry of Defence)
This question was answered on 21st December 2022

The UK Infrastructure Bank (UKIB) has a mandate to tackle climate change and support regional and local economic growth across the UK.

UKIB has launched three pilot programmes with Transport for Greater Manchester, West Yorkshire Combined Authority, and Bristol City Council to support the development of its Local Authority Advisory Function. UKIB has processes in place to regularly review progress on these pilots and identify replicable elements of these projects, with a view to disseminating this knowledge to a wider pool of local authorities.

The Bank is operationally independent but has developed an open dialogue with both HM Treasury and BEIS, including sharing their experiences of the development of their advisory and local lending functions.

In the first Strategic Steer to UKIB published in March of this year, the then-Chancellor set expectations that the UKIB should work constructively with government and institutions in each nation of the UK to maximise the impact of its investments and to develop a nuanced understanding of market characteristics, so investments can be targeted appropriately.

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