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Select committee: Environmental Audit Committee

Third Special Report - The financial sector and the UK’s net zero transition: Government Response to the Committee’s First Report

Published 23 February 2024

Environmental Audit Committee The financial sector and the UK’s net zero transition Report on parliament.uk ↗

At a glance

The government's response

This document responds to First Report - The financial sector and the UK's net zero transition.

This is the government's response, published 23 February 2024.

Summary written by Accountability Index from the government's response. It is not the government's own words.

The government sets out its position on the financial sector and net zero, defending continued North Sea licensing, setting out plans for consultations on transition plans and voluntary carbon markets, and confirming a UK carbon border adjustment mechanism by 2027.

  • On a date to end new North Sea licensing, it states it has "already considered fixing an end date" and "decided not to pursue this approach", citing a 2021 review and a climate compatibility checkpoint.
  • On transition plans, it says its "upcoming consultation will consider the UK's approach to transition plans", including the role of the Transition Plan Taskforce's Disclosure Framework.
  • On the green taxonomy, it will introduce a voluntary testing period "for at least two reporting years before considering the introduction of mandatory obligations".
  • On voluntary carbon markets, it will consult on next steps and "intend[s] to publish the consultation in early 2024".

Read the government's response ↗ Report an error

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