Rachel Reeves (Labour)

The FRS— fiscal risks and sustainability report—builds on previous years’ analysis, examining the risks posed to the public finances by climate change damage, health spending and debt sustainability. The OBR’s analysis shows that the UK will face significant costs from climate-related damage, even in a scenario where the UK and the rest of the world continue with current mitigation commitments. The costs would be more severe if these commitments are not met, which is why one of the Government’s missions is to make the UK a clean energy superpower. The Government have already acted to remove the de-facto ban on onshore wind, approve three major solar projects and significantly increase the budget for the sixth contracts for difference round. The Government will work with the private sector through the newly founded Great British Energy, capitalised with £8.3 billion. Preparing for the future also means adapting to the effects of climate change. Without action, flooding, coastal erosion and other climate hazards will pose greater risks to lives, livelihoods and people’s wellbeing. The Government will explore how to further strengthen our approach to developing the country’s resilience to climate change, working to improve resilience and preparation across central Government, local authorities, local communities, and emergency services.

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