Question to the Department for Business, Energy and Industrial Strategy:

To ask the Secretary of State for Business, Energy and Industrial Strategy, what plans the Government has to incentivise investment capital in low carbon (a) innovation, (b) technology and (c) energy solutions to help accelerate the delivery of regional decarbonisation targets.

My Rt. Hon. Friend the Prime Minister’s 10 Point Plan for a green industrial revolution will create long-term advantage for the UK in low-carbon technologies and services. It will support up to 250,000 green jobs, levelling up regions across the UK, and reinvigorate our industrial heartlands. The Plan will mobilise £12 billion of government investment to unlock three times as much private sector investment by 2030.

Delivering clean investment at the scale and pace required will mean taking bold steps. That is why we will issue the UK’s first Sovereign Green Bond and we will create a new infrastructure bank for the UK which will co-invest alongside private sector investors in infrastructure projects.

As part of the Plan, we announced £1 billion for the Net Zero Innovation Portfolio to develop the cutting-edge technologies needed to reach our energy ambitions. We are also investing up to £500 million for low carbon hydrogen production across the decade with £240 million confirmed out to 2024/2025 and £1 billion to capture carbon from power stations and industry, helping to support 50,000 jobs.