UK Treasury Committee launch inquiry into decarbonisation of the UK economy

• United Kingdom

• Energy and infrastructure - Clean energy

06-06-2019

On 5 June 2019 the Treasury Committee launched an inquiry into the decarbonisation of the UK economy and green finance.

The purpose of the inquiry is to scrutinise the role of HM Treasury (HMT), regulators and financial services firms in supporting the Government’s climate change commitments. It will also examine the economic potential of decarbonisation for the UK economy in terms of job creation and growth.

The three strands of the inquiry are:

• The economic opportunity for the UK
• HM Treasury’s strategy
• Green finance

The inquiry will include questions on:

• Benefits of the growth of the green finance sector and competitive advantage in the UK
• The role of 2019 Comprehensive Spending Review play in UK decarbonisation
• Barriers (regulatory or otherwise) preventing financial services firms from delivering green finance or investing in ‘green’ assets
• The range of accessible options available to consumers seeking to source ‘green’ financial products across the product suite (for example, mortgages, bonds, investment products, savings accounts, loans)
• How does HM Treasury work with other Government departments and Clean Growth Strategy

Michelle T Davies, International Head of Clean Energy and Sustainability at Eversheds Sutherland has commented:

It is great to see the Treasury Committee launch an inquiry into decarbonisation of the UK economy focused on solutions which will attract the most suitable capital to enable this. There are many blockers at the moment to speedy traction across the energy transition but there is huge potential too. Understanding the risks and finding appropriate solutions is key at this critical stage of UK’s journey towards a zero carbon future.

If you would like to discuss the above, the clean energy opportunities in the UK or the market generally, please contact the team below.