Source · Select Committees · Treasury Committee
Recommendation 7
7
The Government has recognised that private finance will need to play a key part in...
Conclusion
The Government has recognised that private finance will need to play a key part in funding the transition to net zero. If it is to do so, the Government will need to provide long-term certainty in climate-related policy and must ensure that consistent policy signals are sent to investors. We are encouraged that the Government acknowledged these needs in the 2021 Budget. (Paragraph 59) Net zero and the Future of Green Finance 53
Government Response
Acknowledged
HM Government
Acknowledged
In 2019 the UK was the first major economy to set a 2050 net-zero target. Since then, the Government has set ambitious interim targets, including most recently a 78% reduction in greenhouse gas emissions by 2035. The UK is also the first country in the world to set legally-binding carbon budgets, progress against which is independently monitored by the Committee on Climate Change. In its Green Finance Strategy in 2019, the Government set out in even greater detail what these ambitions mean for the financial sector. This presents a comprehensive approach to greening financial systems, mobilising finance for clean and resilient growth, and capturing the resulting opportunities for UK firms.