2
Recommendation
Thirteenth Report - Net zero and the Fu…
Acknowledged
The Government has made bold claims that the economic recovery will be a green recovery. In order to achieve that, the Government needs to set out in its Net Zero Strategy who, at ministerial level, will be responsible for delivering net zero, coordinating the roles of different departments, and ensuring …
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The Government has made bold claims that the economic recovery will be a green recovery. In order to achieve that, the Government needs to set out in its Net Zero Strategy who, at ministerial level, will be responsible for delivering net zero, coordinating the roles of different departments, and ensuring that the UK remains on track to meet its net zero target in a cost-effective way.
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Government response AI summary
The government states the Net Zero Strategy will set out its vision for transitioning to a net zero economy, and lead delivery departments are responsible for sectoral strategies, but it does not specify who at ministerial level will be responsible or how coordination will be …
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HM Treasury
9
Conclusion
Thirteenth Report - Net zero and the Fu…
Acknowledged
We note the new remit provided to the Monetary Policy Committee, which will allow it to rebalance its Corporate Bond Purchase Scheme to take account of the climate impact of the bonds it holds. We will continue to scrutinise this process and will examine how any changes are enacted, and …
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We note the new remit provided to the Monetary Policy Committee, which will allow it to rebalance its Corporate Bond Purchase Scheme to take account of the climate impact of the bonds it holds. We will continue to scrutinise this process and will examine how any changes are enacted, and how those changes impact on the other policy objectives and the independence of the Monetary Policy Committee.
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Government response AI summary
The government clarified that the MPC's primary objective is price stability, and its secondary objective, updated to include environmental sustainability, leaves it to the Bank of England to determine how to support these goals.
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HM Treasury
11
Recommendation
Thirteenth Report - Net zero and the Fu…
Acknowledged
The Treasury should, as part of its review of Solvency II, consider reforms that could improve the funding of sustainable green infrastructure while maintaining the financial stability of insurers.
Government response AI summary
The government agrees with the recommendation and states it wants a more proportionate and flexible regulatory regime. It notes that it has published a response to its Call for Evidence on Solvency II setting out next steps for the insurance sector.
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HM Treasury