Mrs Pauline Latham (Mid Derbyshire) (Con)

T8. I congratulate my right hon. Friend and this Government on the net zero emissions climate change commitment. What are his plans to achieve that goal? ( 911706 )

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Mr Philip Hammond

We made an announcement this morning about our plans for green finance. Over the coming months and years, it will be essential to demonstrate how we are able to mobilise our capital markets and the instruments of a market economy to deliver on this huge enterprise. If we do not demonstrate how the market economy can provide solutions to decarbonising our economy, there are others with alternative solutions to present.

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Martin Vickers (Conservative)

Net zero emissions by 2050 is a desirable but very costly policy. Does the Chancellor agree that we must do everything to protect low-income families in my Cleethorpes constituency and elsewhere from bearing an unfair burden?

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Mr Hammond

Yes. This is a huge commitment, but it is the right commitment to make. The Committee on Climate Change recommended that the Treasury should undertake a review of the funding and financing mechanisms to ensure that this huge undertaking can be funded, and that it will be funded in a way that is fair to families, households and businesses across the UK, which is exactly what we will do.

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