Source · Select Committees · Public Accounts Committee
Recommendation 11
11
Deferred
Government efforts to drive private sector climate adaptation investment lag behind net zero.
Conclusion
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
Government Response Summary
The government is deferring action by referencing a national resilience review overseen by the Chancellor of the Duchy of Lancaster, with a Treasury Minute to be published after the review concludes.
Government Response
Deferred
HM Government
Deferred
In his oral statement to Parliament on 19th July 2024 responding to the COVID-19 Inquiry Module One report, the Chancellor of the Duchy of Lancaster announced that he would oversee a review of national resilience. A Treasury Minute will be published once this review has concluded. The Cabinet Office will write to the new Committee in the meantime.