Source · Select Committees · Environmental Audit Committee
Third Report - Growing back better: putting nature and net zero at the heart of the economic recovery
Environmental Audit Committee
HC 347
Published 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
7
Conclusion
Acknowledged
Para 79
We congratulate the Bank of England on its laudable work highlighting the financial risks from...
Conclusion
We congratulate the Bank of England on its laudable work highlighting the financial risks from climate change in recent years. The Bank of England has led the world in this regard, not least by becoming the first central bank to …
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Government Response Summary
The government acknowledges the committee's congratulation of the Bank of England's leadership in highlighting climate-related financial risks and publishing its own climate disclosure by quoting the committee's text.
34
Conclusion
Acknowledged
Para 225
As the UK recovers from the immediate crisis, a shift towards green taxation could help...
Conclusion
As the UK recovers from the immediate crisis, a shift towards green taxation could help direct investment into job-rich low carbon activity, shift behaviour and increase resource and energy efficiency.
Government Response Summary
The government recognises the role of taxation in encouraging environmental impact reduction and directing investment, citing existing carbon pricing mechanisms like the Carbon Price Support.
38
Recommendation
Acknowledged
We recommend that the Government investigate the merits of carbon border adjustments, to accompany work...
Recommendation
We recommend that the Government investigate the merits of carbon border adjustments, to accompany work on a carbon tax, as one way of addressing carbon leakage. We recognise this would also require measures to ensure that such policies do not …
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Government Response Summary
The government recognises carbon border adjustment mechanisms (CBAMs) as a potential approach to addressing carbon leakage but does not commit to investigating their merits, instead highlighting implementation challenges and compliance issues with trade rules.