To ask the Chancellor of the Exchequer, what plans he has to (a) take fiscal steps to reduce carbon emissions and (b) expand public funding for renewable energy.
HM Treasury takes its environmental responsibilities very seriously. As you would expect, we are considering what further fiscal and other policy measures are needed to meet our 2050 net zero target.
We have already committed £2.5bn to support low carbon innovation from 2015-2021, and £1bn on supporting the take-up of ultra-low emission vehicles. Furthermore, we are forecast to spend over £10bn p/a of support for low carbon and renewable power funded by consumer levies by 2020/21
HM Treasury’s Net Zero Review is looking into how the transition to a net zero economy will be funded, and where the costs will fall. The review will publish its findings in Autumn 2020.