Fiscal Policy: Carbon Emissions

Treasury written question – answered on 21 March 2023.

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Photo of James Murray James Murray Shadow Financial Secretary (Treasury)

To ask the Chancellor of the Exchequer, if he will make an assessment of the impact of his fiscal policies on the Government's net zero target; and if he will commission the Office of Budget Responsibility to create an updated Fiscal Risks Report on potential economic and fiscal policies to help reach net zero.

Photo of James Cartlidge James Cartlidge The Exchequer Secretary

The 2021 Net Zero Strategy sets out the action the Government will take to keep the UK on track for its carbon budgets and 2030 Nationally Determined Contribution, and establishes the longer-term pathway towards net zero by 2050. Spending Review 2021 confirmed that since March 2021 the Government has committed a total of £30 billion of domestic investment for the green industrial revolution. Since then, the Government has made new announcements that provide long-term certainty on our investment plans, including £6 billion for energy efficiency and up to £20 billion for Carbon Capture, Utilisation and Storage.

We are committed to ensuring fiscal decision-making is aligned with achieving net zero. The Green Book sets out that all policies, programmes, and projects must be developed and assessed against how well they deliver on net zero and other policy priorities.

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