Climate Change
I will keep going for a bit if that is okay. This is a market solution to a generational challenge, providing certainty about the destination while allowing competition, innovation and enterprise to determine the journey, and the results can be seen across the country. On the day we laid this order before Parliament, new analysis showed that Britain’s net zero economy now supports more than 1 million jobs and generated £105 billion for the UK economy alone. We see that opportunity in carbon capture projects in Teesside, in new nuclear at Sizewell C in Suffolk, and in companies across the country building the technologies, supply chains and industries that will power the next chapter of British economic growth. Indeed, as more than 75,000 people have descended on London for London Climate Action Week this week—taking part in over 1,300 events and helping to broker deals, partnerships and investments that will shape the global economy for years to come—they are doing so in a city that has established itself as the sustainable finance capital of the world. That is why support for this framework extends far beyond Government. The British Chambers of Commerce says these plans provide “greater certainty for…firms”. The CBI describes the green economy as “a powerhouse of job creation and economic expansion”. E.ON says that “the prize is bigger than emissions alone.” Business leaders, manufacturers and investors are all making the same argument. In a world competing for capital, talent and innovation, long-term certainty is not a burden on growth; it is one of the foundations of it. Secondly, if the economic case for action is increasingly clear, so is the security case. Climate change has become a central concern not just for scientists and policy makers, but for our country’s military leaders, intelligence chiefs and security experts. On the agenda for the Munich security conference, climate change sits alongside geopolitical conflict and nuclear proliferation as one of the defining risks of our age. That assessment is increasingly shared across Britain’s own security establishment. Air Chief Marshal Sir Mike Wigston has said it “threatens global resilience and our shared security and prosperity.” Baroness Manningham-Buller, the former director general of MI5, has said it is clear that climate change is the “greatest threat” we face. Lieutenant General Nugee has said: “Climate change is not an abstract environmental issue. It is now a core national security risk.” These are not campaigners or commentators; they have served their country and are people who have spent their careers identifying risks before they become crises and preparing our country for threats before they arrive. Climate change is often discussed as an environmental challenge, yet it is increasingly showing up elsewhere in conversations about food security, energy security, national resilience and the basic responsibility of Government to protect their citizens from foreseeable risks. The framework before the House is not just about reducing emissions; it is part of the long-term work of making Britain safer, stronger and less vulnerable in a more uncertain world. Thirdly and finally, we should see this transition for what it really is: one of the greatest upgrade projects in our country’s history. Too often, debates about climate change become trapped in the language of targets, regulations and emissions, but when future generations look back on this period, they are unlikely to remember the technical details of carbon budgets or policy frameworks. What they will remember is that this was the moment Britain began upgrading the system that underpins modern life. Every generation has had its national upgrade. Previous generations built the railways that connected our country, electrified our towns and cities, brought clean water into people’s homes, connected millions of households to the gas grid and transformed the way people travelled, worked and lived. Our generation’s task is no different. We are upgrading an energy system that leaves us exposed to volatile fossil fuel markets and replacing it with one powered increasingly by clean electricity generated here at home. We are upgrading homes and technology that allow families to generate, store and manage their own energy. We are upgrading transport, upgrading industry and upgrading infrastructure that in many cases was designed for a different century and a different economy. That is not a marginal adjustment to the economy we have today; it is a fundamental upgrade to how Britain powers itself, and the prize is enormous. Our analysis shows that clean power and electrification could save families and businesses £445 billion in fossil fuel spending over the next 25 years. Cleaner air could mean up to 8,000 fewer hospital admissions every year by 2050 and around £80 billion in health benefits, while action to restore nature could deliver a further £50 billion-worth of benefits.