Lisa Smart is the Liberal Democrat MP for Hazel Grove.
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There is also an important environmental angle. The UK has legally committed to net zero emissions by 2050, but our appraisal framework has not caught up. The Green Book still applies discount rates that undervalue the long-term benefits of green investment, making it harder to justify climate-friendly projects with slower financial returns. If we want a green economy, we need green tools, and right now, the Green Book is steering us away from the very infrastructure—whether that is renewable energy, public transport or nature restoration—that will power our net zero future. We need to realign our economic models with our environmental goals.
The 2020 review, undertaken by the last Government, was a missed opportunity. While it nodded to levelling up and net zero, it failed to make the structural changes that are needed. The think-tank Centre for Cities has argued that the Green Book should empower local leaders to choose the best projects for their regions, rather than leaving the Treasury to pick between places. I am interested to hear from the Minister what the thinking of this Government and the Treasury is on that.
Full debate: Green Book Review
One of the questions I was most frequently asked when I was the trustee of one of the larger local authority pension schemes was what more the fund could do to tackle climate change, particularly in relation to investing in fossil fuel companies. Will the Secretary of State update the House on the conversations that he has been having with the Pensions Minister to ensure that pension funds do their bit to help get us to net zero?
Full debate: Mineworkers’ Pension Scheme: Living Standards
I am grateful to my hon. Friend for giving way. She mentions community energy and I wonder if she recognises, as I do, the value of projects such as Stockport Hydro in Romiley in my constituency, which since 2012 has been using its two Archimedes screws, Thunder and Lightning, to power around 60 homes, thereby saving more than 100 tonnes of CO 2 a year. Is that the sort of project that she thinks the Bill should do more to support and encourage, so that we can tackle climate change and ensure that communities benefit from community energy projects?
I could not have put it better myself. I thank my hon. Friend for leading the fight for the Liberal Democrats as the former spokesperson on energy security and net zero. That question goes to the crux of the matter.
Full debate: Great British Energy Bill