Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether he is taking steps to help ensure that financial institutions (a) provide insurance for property owners using carbon-free cement in new buildings and (b) support the use of innovative low and zero carbon products and services.

The Government is fully committed to delivering on our net zero legal obligations by 2050 and has set out a comprehensive range of measures to support investment into the transition in Powering Up Britain and the Green Finance Strategy. These will help leverage around £100 billion of private investment as we develop new industries and innovative low carbon technologies and support up to 480,000 jobs by 2030.

The package of measures recently set out at Autumn Statement 2023 will further build the enabling environment for investment, which will be vital to delivering net zero. This included making Full Expensing permanent, speeding up grid connections, and reforming the planning system. It also included £4.5bn in advanced manufacturing support, with £960m for a new Green Industries Growth Accelerator focused on clean energy sectors.

Insurers make commercial decisions about the types of products they will cover, as well as the terms and conditions they set, when offering insurance. While the Government does not intervene in these commercial decisions by insurers, it recognises the important role insurance plays in supporting the transition to more sustainable products and will continue to monitor the availability and affordability of relevant insurance products.