Source · Select Committees · Environmental Audit Committee
Recommendation 33
33
Paragraph: 224
The UK will host COP26 in November 2020.
Conclusion
The UK will host COP26 in November 2020. All eyes will be on the UK as an environmental world leader. The Chancellor’s Spring Budget must back this ambition, and ensure that the UK’s spending plans align with its net zero and biodiversity commitments.
Paragraph Reference:
224
Government Response
Acknowledged
HM Government
Acknowledged
Alongside the Autumn 2020 Spending Review, the Prime Minister announced his Ten Point Plan for a Green Industrial Revolution, designed to mobilise up to £12 billion of Government investment to create and support up to 250,000 highly-skilled green jobs in the UK, and spur over three times as much private sector investment. This plan aligns with the Government’s net zero and biodiversity commitments through plans such as producing enough offshore wind to power every home and by planting 30,000 hectares of trees every year. The Budget built on the Prime Minister’s Ten Point Plan as well as the support announced at the Spending Review and National Infrastructure Strategy. This included an announcement on further details on the timings and size of the UK’s inaugural green gilts, as well as plans for a linked green retail product to be offered by NS&I. This will play an important role in financing critical expenditure to tackle climate change and help generate green jobs. The Budget also announced further details on the new UK Infrastructure Bank, which will provide financing support to local authority and private sector infrastructure projects, to help meet Government objectives on climate change and regional economic growth.