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

To ask the Secretary of State for Business, Energy and Industrial Strategy, what plans he has to introduce financial incentives and penalties for businesses to encourage them to reduce their carbon footprint and help the UK meet its climate targets.

As a result of this Government’s leadership, businesses and financial institutions across the UK are playing their part in helping the UK meet its climate targets.

Over half of the UK’s largest businesses have committed to eliminate their contribution to carbon emissions by 2050, representing a total market capital of over £1.2 trillion and combined annual turnover of £700 billion

These pledges have tripled in the past 10 months, cementing British businesses’ position in leading the way in the world’s transition to a low carbon economy

At COP26, the Government also announced that the UK will become first G20 country to make it mandatory for Britain’s largest businesses to disclose their climate-related risks and opportunities, in line with Taskforce on Climate-related Financial Disclosures (TCFD) recommendations