Decarbonisation and Green Finance

Treasury Committee Closed Inquiry
Opened: 3 Mar 2020 Closed: 20 Jan 2022 Parliament page
The Treasury Committee has re-launched an inquiry into the decarbonisation of the UK economy and green finance. This inquiry will scrutinise the role of HM Treasury, regulators and financial services firms in supporting the Government’s climate change commitments. It will also examine the economic potential of decarbonisation for the UK … Read more
21 Recommendations
3 Conclusions
1 Report
10 Letters
5 Events
Activity timeline 12 events
16 Jul
2021
Report published
22 Apr
2021
Report published
7 Jan
2021
Correspondence
15 Dec
2020
Correspondence
10 Dec
2020
Correspondence
26 Nov
2020
Correspondence
4 Nov
2020
Correspondence
1 Oct
2020
Correspondence
11 Mar
2020
Correspondence
11 Mar
2020
Correspondence
11 Mar
2020
Correspondence
10 Mar
2020
Correspondence
Title HC No. Published Items Response
Thirteenth Report - Net zero and the Future of Green Finance HC 147 22 Apr 2021 24 Responded
Recommendations & Conclusions
4 results
Clear
1 Recommendation Not Addressed
Thirteenth Report - Net zero and t…
Although the Government has emphasised the need for a “green” recovery, we note it has...
Although the Government has emphasised the need for a “green” recovery, we note it has not, except in limited circumstances, imposed green conditionality on the support it has provided during the coronavirus pandemic. Whilst it is clear that support schemes … Read more
Government Response
The government's response discusses the issuance of green bonds and gilts, but does not address the recommendation to explain why green conditionality was not included in the Recovery Loan Scheme.
HM Treasury
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3 Recommendation Not Addressed
Thirteenth Report - Net zero and t…
In the Net Zero Review final report, the Government should set out what mechanisms it...
In the Net Zero Review final report, the Government should set out what mechanisms it will put in place to integrate the net zero target within departments’ spending review commitments, and how departments will be held to account should they … Read more
Government Response
The government stated that lead departments are responsible for and produce sectoral strategies, citing the BEIS Industrial Decarbonisation Strategy as an example, but did not set out specific mechanisms for integrating net zero targets into spending review commitments or how departments would be held accountable for failing targets.
HM Treasury
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5 Recommendation Not Addressed
Thirteenth Report - Net zero and t…
There are a number of different estimates of the cost of achieving net zero by...
There are a number of different estimates of the cost of achieving net zero by 2050. However, the Government has not yet committed to its own cost estimates and should set these out as soon as possible. The Government should … Read more
Government Response
The government deflects the request for its own net zero cost estimates, methodologies, uncertainties, and scenarios in the Net Zero Review, stating instead that lead delivery departments produce sectoral strategies.
HM Treasury
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6 Recommendation Not Addressed
Thirteenth Report - Net zero and t…
The Treasury’s Net Zero Review final report should include clear sectoral pathways towards decarbonisation and...
The Treasury’s Net Zero Review final report should include clear sectoral pathways towards decarbonisation and should address the key policy decisions as to the future of high carbon industries. Particular attention should be given to the potential regional impact of … Read more
Government Response
The government states that lead delivery departments are responsible for and produce sectoral strategies, citing the Industrial Decarbonisation Strategy, but does not commit to including clear sectoral pathways or a support framework for impacted communities in the Net Zero Review final report.
HM Treasury
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Government Response AI assessment · 24 of 21 classified
Accepted 13
Accepted in Part 1
Acknowledged 3
Deferred 3
Not Addressed 4
Total 21 recs + 3 conclusions
Correspondence 10 letters
7 Jan 2021 To committee Letter from Economic Secretary relating to Decarbonisation and Green Finance, dated 16 December 2020
Parliament page
15 Dec 2020 To committee Letter from the Exchequer Secretary relating to the Committee session on 16 November, dated 23 November 2020
Parliament page
10 Dec 2020 To committee Letter from Director General Association of British Insurers relating to Decarbonisation inquiry, dated 23 November 2020
Parliament page
26 Nov 2020 To committee Letter from the Co-Chair of the Association of Member Nominated Trustees relating to Inquiry into decarbonisation and green finance, dated 28 October 2020
Parliament page
4 Nov 2020 To committee Letter from Sarah Breeden, Executive Director, Prudential Regulation Authority, following the evidence session on 30 September 2020, dated 19 October 2020
Parliament page
1 Oct 2020 To committee Letter from Chris Cummings, Chief Executive, the Investment Association, relating to the Committee's evidence session on 3 September, dated 24 September
Parliament page
11 Mar 2020 To committee Letter from Chair to Governor regarding Climate Risk 20200203
Parliament page
11 Mar 2020 To committee Letter from Chair to FCA CEO Andrew Bailey regarding Climate Risk 20200203
Parliament page
11 Mar 2020 Governor to Chair letter regarding Climate Risk
Parliament page
10 Mar 2020 From committee AJB CEO of FCA letter to Chair regarding Climate Risk
Parliament page