Clive Lewis (Labour)

According to the LSE’s Grantham Research Institute, the Government’s current programme for investment to mitigate the worst effects of climate change will still see climate change damage to the UK increase from 1.1% of GDP to 3.3% by 2050 and 7.4% by the end of the century. To put it into context, that is the United Kingdom’s entire social care budget of around £25 billion. The Climate Change Committee has said that the current approach to adaptation

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Jeremy Hunt (Conservative)

We listen very carefully to what the Climate Change Committee says, and we are absolutely committed to net zero. In fact, a Conservative Government passed the law requiring Governments to commit to net zero. The hon. Gentleman will know that we have just become the first major industrialised country to decarbonise by more than 50% since 1990. As well as the costs, we are also mindful of the economic opportunities, which is why we are investing billions of pounds in our clean energy transformation.

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Stephen Crabb (Preseli Pembrokeshire) (Con)

The port of Milford Haven in my constituency has been right out in front, taking a lead in investing in decarbonisation and showing how it can boost the economy of Wales and reduce inequality. Yesterday, it was told that its bid to the Government’s floating offshore wind manufacturing investment scheme—its port funding scheme—had been rejected out of hand. Will my hon. Friend ask his good friend the Chancellor of the Exchequer to meet me to talk about the important work being done at the UK’s leading oil and gas port, and about how the UK Government can support those efforts financially?

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Gareth Davies (Conservative)

Announcements in each of our last three fiscal events have enhanced our business investment environment for international investors: we have the second highest foreign direct investment stock in the world; we have some of the best universities in the world, which are attracting businesses; we have announced full expensing, which is a £10 billion-a-year tax cut; we have the lowest corporation tax in the G7; and we are reforming our energy grid, bringing investment into our net zero ambitions. We are reforming our systems, reducing our taxes, and encouraging investment.

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