Wednesday 30 June 2021 / 8:54 AM Bridget Phillipson / Climate Change / Economy

Labour slams Chancellor’s Green bond announcement after revelations his own Net Zero Review will be further delayed

Labour have today called for “action, not words” from the government’s new green bond announcement as they pointed to a Parliamentary Question showing the Chancellor’s final report into the Net Zero Review would be further delayed.

The Chancellor’s final report into the Net Zero Review was due to be published first in Autumn 2020, then was promised for Spring 2021.

A written parliamentary question placed by Labour’s Shadow Minister for Climate Change Matt Pennycook revealed yesterday that the government will now publish it “later in the year.”

The party also highlighted that last week the UK’s independent adviser on tackling climate change, the Climate Change Committee, revealed the Treasury has not fully achieved a single one of the Committee’s 2020 recommendations.

Shadow Chief Secretary to the Treasury, Bridget Phillipson MP said:

“There’s a real danger this green bonds announcement is all talk and no action – just like the Chancellor’s long delayed Net Zero Review – and a distraction from the critical job of halting climate breakdown.

“We need far more details and a watertight guarantee that these bonds are spent properly on the green jobs and initiatives that will curb climate breakdown.

“The Chancellor must stop dragging his heels, and publish his final report into the Net Zero Review which has now been delayed since Autumn 2020.

“And he should hardwire his Net Zero targets into his upcoming spending review, as Labour would do.”