Carbon Emissions: Research

Department for Business, Energy and Industrial Strategy written question – answered on 27th November 2020.

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Photo of Alexander Stafford Alexander Stafford Conservative, Rother Valley

To ask the Secretary of State for Business, Energy and Industrial Strategy, what plans he has in place to implement (a) standardised climate reporting metrics and (b) carbon taxation while supporting UK net zero emissions research and development in sectors that will be subject to carbon penalties.

Photo of Kwasi Kwarteng Kwasi Kwarteng The Minister of State, Department for Business, Energy and Industrial Strategy

Meeting net zero and delivering the global transition to a low carbon economy will require unprecedented levels of investment in green technologies, services and infrastructure. The Government launched an ambitious 10 Point Plant this month, which will mobilise £12 billion of Government investment to unlock three times as much private sector investment by 2030. This sets out a strong framework for investment, with a clear signals to investors of our commitment to net zero by 2050. As set out by the Chancellor in November 2020, the UK will become the first G20 country to make TCFD-aligned disclosures fully mandatory across the economy, with most requirements introduced in the next three years. This will provide decision-useful information to investors on the exposure of companies, asset managers and asset owners to climate risks.

The UK remains committed to carbon pricing as a key policy in decarbonising its economy and reducing industrial emissions, and will introduce an effective new system from 1 January 2021.

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