Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if he will make it his policy to spend 1 per cent of GDP each year on meeting climate targets, as recommended by the Climate Change Committee in its report, Net Zero – The UK’s contribution to stopping global warming, published May 2019.

The Government takes its environmental responsibilities very seriously. In June 2019 the UK became the first major economy to legislate to end our net contribution to climate change by 2050. According to analysis by PwC, the UK has decarbonised its economy faster than any G20 country since 2000.

Last year, the PM set out his via his Ten Point Plan a blueprint to transition to a net zero economy whilst levelling up the country. This announced £12 billion of government investment to create and support up to 250,000 highly skilled green jobs in the UK, and spur over three times as much private sector investment by 2030. Further announcements will be made in the Government’s Net Zero Strategy, which will be published ahead of COP 26.

The CCC is an important advisor to the Government, advising on emissions targets and reports to Parliament on progress made. In December 2020, the CCC published an updated estimate of 0.5% of GDP in 2050 for the net cost of transitioning to net zero. The Government will fulfil its statutory requirement of formally responding to the CCC’s advice alongside the Net Zero Strategy later in the year.