Budget 2020
I think today is a day to be proud of. My right hon. Friend the Chancellor has really got the balance right between levelling up across the United Kingdom while protecting the public purse. I, for one, am delighted by the support that he is giving to businesses to get through the difficult period ahead: for science and innovation, where the UK really can lead the world in so many areas, but also, very importantly, for decarbonising our economy—something that is absolutely critical to the interests of the UK.
There is no doubt that the events of the past decade have changed just about everything, from the global financial crisis that still echoes around our economy to the existential threat from climate change, and now the new challenge of coronavirus. We are seeing every single day that the world is becoming, in many ways, like a village. What happens overseas impacts us here profoundly, and what we do in the UK has a powerful impact on the world around us.
When I was 13, I was so scared of a global nuclear war that I decided to become an MP when I grew up. That fear, and the determination to do something about it, shaped much of my earlier life. Today’s teenagers have cause to be equally fearful, from the existential threat to our planet to new threats like coronavirus—huge issues to deal with that need every single one of us to pull together if we are to deliver the bright future we want to see.
However, with every challenge there is opportunity. In doing the right thing for the planet, our net-zero ambition offers us the chance to enhance the global economy. The UK is already leading the world in tackling global climate change. Since 1990, we have reduced our carbon emissions by 43% while growing our economy by 73%. We are decarbonising faster than any other G20 economy, and we were the first major economy to legislate for net zero by 2050. Today there are more than 450,000 green-collar jobs, and this figure could reach more than 2 million by 2030. From wind turbine blade testing in Northumberland to electric car manufacturing in the midlands, the UK is spearheading the next generation of green technology, production and job creation. Every sector has a role to play, with the prospect of new skills, better-paid jobs, and the spread of growing prosperity across the country.
It is great that research shows that young people agree that the green economy is full of opportunity. In fact, two thirds of them—almost 3.7 million young people—say that they would rather work in the green economy than outside it. But they need to see our commitment. I was delighted today to hear my right hon. Friend the Chancellor setting out wide-ranging plans for new investment, including in green transportation, in tree planting and biodiversity improvements, and, vitally, in areas such as carbon capture, usage and storage—which, as the hon. Member for Leeds West (Rachel Reeves) mentioned, was postponed in 2015. Now we have the chance to bring it back and really motor on CCUS. That is not just a levelling-up story but a great UK decarbonisation and export potential story.
When the UK hosts COP26 later this year, we will have the chance to deliver game-changing agreements with international partners. I want to see UK leadership in action. Specifically, I want the UK to commit to establishing an international green finance organisation that will facilitate long-term investment in decarbonisation, and also finally resolve the complex rules by which individual countries can demonstrate their own climate action and carbon reduction.
Secondly, COP26 should launch an internationally recognised carbon offset licensing body. Thirdly, I want to see every nation represented at COP26 providing its own contribution to a yearbook of pledges and achievements, which can then be reported on and built upon at each future COP. The innovation is already under way to help the world decarbonise, from CCUS to nuclear fusion, battery storage and beyond, but it will take strong leadership to convince every nation to prioritise net zero. The UK can provide that leadership, and COP26 can be a turning point for global action.
If the world is a village when it comes to tackling climate change, each and every one of us must play our part too. I know that the Department for Business, Energy and Industrial Strategy is focused on providing practical advice on how individuals and families can reduce their carbon footprint, be greener and take action against climate change. I hope that an app commissioned when I was in BEIS will be launched in time for Green GB and NI Week in May. With support from schools and universities, it will provide practical advice to young people and their families on how to decarbonise their lives. If we all come together, we can turn the global challenge of climate change into an opportunity to be a cleaner, greener nation that is a role model for others around the world.
Right in front of us is yet more proof that the world is, in many ways, a village. It is only collectively that we can overcome the threat by not allowing our fears over coronavirus to undermine our lives and our economy. I welcome the Chancellor providing strong support to get through the difficult months ahead, while looking at the longer-term needs of our economy.
Each of us needs to do all we can to minimise the impact of coronavirus on our prospects. Taking sensible steps to avoid spreading the virus will mean many people working from home. While it might be tempting to stockpile loo rolls—why?—and switch on the TV and wait for the storm to pass, those of us who are not sick must keep going. That means students studying at home—I include my 16-year-old daughter studying for her GCSEs in this personal plea—and people working from home where they can, taking part in teleconferencing and Skype calls. It means buying groceries online. It means supporting local businesses, and it also means volunteering in the community where we can. All of us must come together to protect our future, with the collective spirit that the UK has always shown in times of trouble.
The existential challenge of climate change, and now the urgent issue of coronavirus, demonstrate more than ever the need for concerted effort around the world by Governments and individual citizens, working together for the common good. Each one of us has our part to play.
