To ask the Secretary of State for Business, Energy and Industrial Strategy, what incentives the Government has put in place to encourage businesses to contribute towards the Government's Net Zero by 2050 carbon emissions target.
Businesses have significant power to drive change towards achieving our domestic net zero goal both through reducing their own emissions is important, but also their role in designing the ground-breaking new technologies, world leading products and innovative approaches to reach net zero, with the private sector providing much of the investment needed.
The policies and spending brought forward in the Net Zero Strategy mean that since the Ten Point Plan, £26 billion of government capital investment for the green industrial revolution has been mobilised. The Strategy will leverage up to £90 billion of private investment by 2030.
The UK’s industrial sector plays both an essential role in the economy and is a major source of CO2 emission. The Industrial Decarbonisation Strategy, published in March 2021, and expanded in the Net Zero Strategy, sets out how industry can decarbonise in line with net zero, while transforming industrial regions by attracting inward investment, future-proofing businesses, and securing the long-term viability of jobs.
The Net Zero Strategy sets out the Government’s intention to work with businesses to produce their own business specific plans, while also encouraging businesses to take action in the run up to COP by joining the global ‘Race to Zero’ campaign, which already includes over half of FTSE 100 companies.