Environmentally Sustainable Economic Growth

Andrew Griffith (Arundel and South Downs) (Con)
What steps he is taking to promote environmentally sustainable economic growth.

The Chancellor of the Exchequer (Rishi Sunak)
The Government are clear that we will drive growth by investing in infrastructure, innovation and skills. In doing so, we will build back better and greener as we recover from the economic impact of coronavirus, starting, of course, with the Prime Minister’s green 10-point plan.

Andrew Griffith [V]
I thank my right hon. Friend for his answer. Does he agree that the UK is exceptionally well positioned to prosper from the initiatives he referred to, and that this is another example of the Government’s unleashing Britain’s potential?

Rishi Sunak
My hon. Friend is absolutely right—our 10-point plan can create hundreds of thousands of jobs up and down the country. He is also right that we can lead the world in this journey. We have been one of the fastest countries to decarbonise over the past few years and are one of the leading countries not only in phasing out coal and internal combustion engine vehicles but in offshore wind and carbon capture and storage. Where Britain goes, hopefully the world can follow.

Bridget Phillipson (Houghton and Sunderland South) (Lab)
This year, the UK Government have a chance to show global leadership on the climate emergency as the host of the UN climate change conference in Glasgow. Green gilts will be a vital part of the transition to a clean economy. Last year, the Chancellor promised to launch the first ones this year. Will he tell us when and why not yet?

Rishi Sunak
We are doing the technical work required to make sure that the launch of our green gilts is successful. I hope to provide an update at the Budget, but the hon. Lady can rest assured that we are working very hard at it. As I said, this will be the first step in building out a green curve. By doing that and making sure that the curve has fidelity in terms of confidence in where the money is going, we can unlock investment for the private sector across the economy. I know that she will join me in welcoming that progress.