Third Report - Growing back better: putting nature and net zero at the heart of the economic recovery
Select Committee
Environmental Audit Committee
HC 347
17 February 2021
Government response
Second Special Report - Growing back better: putting nature and net zero at the heart of the economic recovery: Government and Bank of England Responses to the Committee’s Third Report of Session 2019-21 · published 22 Jun 2021
Recommendations & Conclusions
3 results
8
Recommendation
Accepted in Part
Para 80
The Government should clarify that the Bank’s monetary policy remit should include climate and nature...
Recommendation
The Government should clarify that the Bank’s monetary policy remit should include climate and nature objectives in the conduct of UK monetary policy, including when considering any extension of the Covid Corporate Financing Facility (CCFF) or future such mechanisms. We …
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Government Response Summary
The government states the Chancellor updated the Bank of England's Monetary Policy Committee remit to include environmental sustainability and net zero objectives. However, for future CCFF support, it refers to broader intentions for mandatory TCFD-aligned disclosures across the economy by 2025, rather than a specific requirement for CCFF recipients.
29
Recommendation
Accepted in Part
We recommend that the Government, in developing further its strategy for economic recovery, give greater...
Recommendation
We recommend that the Government, in developing further its strategy for economic recovery, give greater priority to strategic projects aimed at encouraging nature recovery. The Government should work with conservation charities to pilot the idea of a National Nature Service …
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Government Response Summary
The government accepts in part, outlining its commitment to a green recovery and highlighting the £80 million Green Recovery Challenge Fund, which supports nature-based projects, creates conservation jobs, and engages communities in nature restoration, but does not address piloting a National Nature Service.
32
Recommendation
Accepted in Part
We welcome the creation of a National Infrastructure Bank: we trust that the Government has...
Recommendation
We welcome the creation of a National Infrastructure Bank: we trust that the Government has learned from the experience of selling off the previous Green Investment Bank. We recommend that the Government give an unequivocal guarantee, supported in statute if …
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Government Response Summary
The government commits to establishing the UK Infrastructure Bank as a permanent public sector institution via legislation. However, while the Bank's initial focus includes climate change, the government will only review the case for including nature recovery in its mandate before legislation is brought forward.