Carbon Emissions and Renewable Energy: Finance

Treasury written question – answered on 29th January 2020.

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Photo of Chi Onwurah Chi Onwurah Shadow Minister (Department for Business, Energy and Industrial Strategy) (Industrial Strategy)

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.

Photo of Simon Clarke Simon Clarke The Exchequer Secretary

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.

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