Growing back better: putting nature and net zero at the heart of the economic recovery Contents

Contents

Summary

1 Ecological crisis and economic recovery

About this report

Zoonotic diseases and their transmission

Ecological crises

Biodiversity

Climate change

Environmental pollution

Impact of lockdowns on carbon emissions and air pollution

Aligning the recovery with nature and net zero

Our view

Economic recovery

Economic impact

What should the policy response be to the pandemic?

Growing back better

Health and well-being

Creating green jobs

Achieving a balanced and fair transition

Improving the UK’s resilience

Our view

2 The Bank of England’s response to the crisis

Financial support for large companies

The Covid Corporate Financing Facility (CCFF)

Sustainability conditions

Commitments from the companies we questioned

Climate-related financial disclosures

Bond purchasing

Carbon intensity of the BoE bond portfolios

Pricing climate change risk

The Bank of England’s remit on climate change

Correspondence with the Bank of England

Our view

3 Investment in infrastructure and nature recovery

Priority areas for net zero investment

The Ten Point Plan for a Green Industrial Revolution

National Infrastructure Strategy

Sustainability rule for infrastructure investments

Infrastructure investment and nature recovery

Our view

Low-carbon transport and communications

Government announcements on transport

Challenges on the road to decarbonising transport

Rolling out electric charging and hydrogen refuelling infrastructure

Hydrogen powered heavy vehicles

Road building

Active travel and air pollution

Our view

Industry and low-carbon energy

Carbon capture and storage

Carbon border adjustment

Decarbonising automotive manufacturing

Battery manufacturing capabilities

Hydrogen strategy

Our view

Buildings and sustainable development

Reaction to planning reforms

Energy efficiency

The Green Homes Grant

New build vs retrofit

Our view

Investing in nature recovery

Access to green space

Our view

4 Fiscal and financial incentives for a green recovery

Sovereign Green Bonds

Ensuring that revenues contribute to additional green investment

Our view

National Infrastructure Bank

Our view

Tax incentives for green recovery

Fiscal consolidation

Shifting taxation to make the polluter pay

Incentivising green retrofits and energy efficiency

Incentivising low-carbon transport

Reducing aviation emissions

A carbon tax

Our view

Conclusions and recommendations

Appendix: Correspondence with the Bank of England

Formal minutes

Witnesses

Published written evidence

List of Reports from the Committee during the current Parliament




Published: 17 February 2021 Site information    Accessibility statement