Recommendation 11

On private sector investment in climate resilience, the Cabinet Office highlighted the 2023 green finance strategy that promotes working with private sector partners to improve the approach to climate resilience assessment and disclosure, and collaboration to make sure the things that need to be funded are funded included through the UK Infrastructure Bank. However, government action to create the right environment for adaptation lags behind that for net zero.21 The Cabinet Office also told us that government is considering the inclusion of an adaptation objective in the upcoming UK green taxonomy.22 14 C&AG’s Report, para 23 15 Qq 26, 48, 52; Correspondence from the Cabinet Office to the Public Accounts Committee, 28 February 2024 16 C&AG’s Report, para 3.12. 17 Qq 13, 26, 48, 49, 50, 67; C&AG’s Report, para 3.13 18 Q 21; C&AG’s Report, para 25; Association of British Insurers (GEX0018); Wildlife and Countryside Link (GEX0019) 19 Qq 20, 22, 124, 128; C&AG’s Report, Figure 3, para 3.10 20 Qq 22, 111, 124, 125, 126, 127, 128; Correspondence from the Cabinet Office to the Public Accounts Committee, 28 February 2024 21 West Midlands Combined Authority (GEX0017); C&AG’s Report, para 23 22 Q 110 12 Government resilience: extreme weather Acceptable levels of resilience