Rishi Sunak (Conservative)

In the longer-term, climate change remains a significant challenge for the wider public finances. Demonstrating the Government’s commitment to mitigating climate change, in November 2019, the Chancellor launched an HM Treasury review into how the transition to net zero greenhouse gas emissions will be funded and where the costs will fall. Spring Budget allocated £640 million for tree planting and peatland restoration, over £1 billion for ultra-low emission vehicles and introduced tax measures to encourage greater energy efficiency and reduce plastic waste. The UK is also increasing its international climate finance support for developing countries to at least £11.6 billion. To improve the UK’s climate resilience, the Government announced a doubling of investment in flood and coastal defences in England to £5.2 billion over the next six years. The devolved Administrations will benefit from the Barnett consequential of this substantial increase in Government investment in flood and coastal defences.

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