Climate Change Policy

Part of the debate – in the House of Commons at 7:53 pm on 23rd April 2019.

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Photo of Claire Perry Claire Perry The Minister of State, Department for Business, Energy and Industrial Strategy, Minister of State (Business, Energy and Industrial Strategy) (Energy and Clean Growth) 7:53 pm, 23rd April 2019

As I set up the green finance taskforce, along with my hon. Friend the Economic Secretary to the Treasury, I am absolutely committed to bringing forward many of its proposals. Indeed, we have been making progress on its proposals. We are very lucky—again, it is a source of great success for us—that we have one of the most innovative financial capabilities in the world, and we are really capable of advancing progress in that area. For example, we have set up the green finance institute; there is the green finance strategy, and more details will be coming forward.

The hon. Lady raised the question of wave and tidal, and I just want to clarify that slightly. It is a question of how, if we have a limited amount of money, we are best to spend it to achieve the decarbonisation targets we want with the best value to taxpayers. I believe we have spent almost £60 million on innovation funding for wave and tidal—I will make sure that number is correct, and write to the hon. Lady if it is not—and we look carefully at every proposal that has come forward. I was very pleased to meet the Marine Energy Council, working on a cross-party basis, to see how we might do more to go forward.

Finally, I do not want to nit-pick, but the hon. Lady is citing numbers on the budgets that are simply not true. We are currently at 95% of where we need to be to meet CB4, which ends in 2027, and 93% of the way to meet CB5, which ends in 2032. Importantly, we are bringing forward policies and proposals all the time, including the proposals made in the spring statement, against which we have not yet done a CO2 accounting. As the House knows, I am confident that, with a level of investment, focus and support, we will achieve these budgets. However, that will not be enough to get us to a zero-carbon emissions net target by 2050, which is why we will have to continue to innovate and invest.