The financial sector and the UK’s net zero transition

Environmental Audit Committee Closed Inquiry
Opened: 30 May 2022 Closed: 23 May 2024 Parliament page
The EAC is examining the role of financial institutions, including UK signatories to the Glasgow Financial Alliance for Net Zero, in winding down the financing of fossil fuel extraction and promoting the transition to green energy in pursuit of the Government’s climate and environment targets. Read the call for evidence … Read more
22 Recommendations
10 Conclusions
1 Report
4 Oral sessions
8 Letters
4 Events
Activity timeline 18 events
23 May
2024
Correspondence
23 Feb
2024
Report published
23 Feb
2024
Correspondence
29 Nov
2023
Report published
20 Jun
2023
Correspondence
19 Jun
2023
Correspondence
18 May
2023
Oral evidence
18 May
2023
Formal meeting (oral evidence session) · Room 16, Palace of Westminster
30 Mar
2023
Correspondence
30 Mar
2023
Correspondence
8 Mar
2023
Oral evidence
8 Mar
2023
Formal meeting (oral evidence session) · Room 15, Palace of Westminster
Oral evidence sessions 4 sessions
18 May 2023
View on parliament.uk
panel one
Amy Jenkins · Department for Energy Security and Net Zero Fayyaz Muneer · HM Treasury The Baroness Penn · HM Treasury The Lord Callanan · Department for Energy Security and Net Zero Zoe Norgate · Department for Energy Security and Net Zero
8 Mar 2023
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panel one
Michael Marks · Legal and General Investment Management Roslyn Stein · AXA Steve Waygood · Aviva Investors Tim Lord · HSBC UK
14 Dec 2022
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panel one
Dr Anastasiya Ostrovnaya · Imperial College Business School Mark Campanale · Carbon Tracker Initiative Ryan Jude · Green Finance Institute Sam Alvis · Green Alliance
24 Oct 2022
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Panel 1
Mark Carney · United Nations
Title HC No. Published Items Response
First Report - The financial sector and the UK's net zero transi… HC 277 29 Nov 2023 32 Responded
Recommendations & Conclusions
1 result
Clear
31 Recommendation Accepted in Part
First Report - The financial secto…
Reform local net zero funding by moving from competitive to needs-based and core grants
We welcome the work that the Government has done so far to provide a “one stop shop” of information on net zero grants to which local authorities can submit competitive bids. The Government appears to have streamlined the number of … Read more
Government Response
The government acknowledges the role of local authorities and is providing £19m for a Local Net Zero Accelerator programme with pilots in three areas, alongside existing programmes. It is exploring how to simplify and consolidate local net zero funds and has announced pilots for devolved building retrofit approaches, but does not commit to moving away from competitive grants or providing universal core funding for climate action for all councils.
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Government Response AI assessment · 32 of 22 classified
Accepted 11
Accepted in Part 1
Acknowledged 4
Deferred 10
Not Addressed 3
Rejected 3
Total 22 recs + 10 conclusions
Correspondence 8 letters
23 May 2024 To committee Letter from the Parliamentary Under Secretary of State for Energy Efficiency and Green Finance, and from the HM Treasury Minister for Green Finance, responding to the 23 February 2024 letter of the Committee regarding The financial sector and the UK’s net zero transition, dated 16 May 2024
Parliament page
23 Feb 2024 To committee Letter from the EAC Chair to the Treasury Lords Minister and the Minister for Energy Efficiency and Green Finance, concerning the Government's response to the EAC's report on The financial sector and the UK’s net zero transition, dated 23 February 2024
Parliament page
20 Jun 2023 To committee Letter from the Minister of State for Energy Security and Net Zero providing an update on the Celtic Sea leasing round, dated 15 June 2023
Parliament page
19 Jun 2023 To committee Letter from the Minister for Energy Efficiency and Green Finance (Department for Energy Security and Net Zero), relating to the 18 May 2023 evidence session on 'The financial sector and the UK’s net zero transition', dated 2 June 2023
Parliament page
30 Mar 2023 To committee Letter from the EAC Chair to the Co-Chair of the Glasgow Financial Alliance for Net Zero, regarding the 24th October 2022 'The financial sector and the UK’s net zero transition' hearing, dated 25 January 2023
Parliament page
30 Mar 2023 To committee Letter from the Co-Chair of the Glasgow Financial Alliance for Net Zero, responding to the Committee's letter of 25 January 2023, dated 23 March 2023
Parliament page
10 Nov 2022 Additional responses received to letters sent to signatories of the Glasgow Financial Alliance for Net Zero
Parliament page
18 Oct 2022 Responses received to letters sent to signatories of the Glasgow Financial Alliance for Net Zero
Parliament page