Climate Change Economic Impact 2023-09-05
2023-09-05
TAGS
Response quality
Questions & Answers
Q1
Partial Answer
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Context
A recent Treasury report noted potential costs of unmitigated climate change.
The Treasury's 2021 net zero review noted that unmitigated climate change damage has been estimated to be the equivalent of losing between 5% and 20% of global GDP each year. What assessment have you made of the potential impact of climate change on the economy?
The Treasury's 2021 net zero review noted that unmitigated climate change damage has been estimated to be the equivalent of losing between 5% and 20% of global GDP each year. The costs of global inaction significantly outweigh the costs of action, and McKinsey estimates that there is a global market opportunity for British businesses worth £1 trillion.
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Assessment & feedback
Did not provide an assessment specific to the UK economy.
Discussed Global Figures Instead
Response accuracy
Q2
Partial Answer
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Context
A report found a disconnect between climate change expectations and financial system preparedness.
The recent Carbon Tracker report has highlighted significant risks in economic modelling for pension funds. Energy UK warns of lagging green energy investments. Does the Minister agree that rapidly phasing out fossil fuels and investing in a green new deal is necessary?
We are decarbonising faster than any other G7 country. Since 1990, we have reduced carbon emissions by 48% while growing the economy by 65%. This will take a balanced approach involving public and private investment.
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Assessment & feedback
Did not commit to rapidly phasing out fossil fuels or investing in a green new deal.
Highlighted Past Achievements
Response accuracy
Q3
Partial Answer
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Context
The question references outdated literature for policy decisions.
The Carbon Tracker report found that policies are based on 1990s literature. Will the Chancellor review the data and thinking to ensure alignment with modern climate science?
Last year, 40% of our electricity was generated from renewables. We are decarbonising our economy and have great plans for the future.
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Assessment & feedback
Did not commit to reviewing data and thinking on climate change.
Shifted Focus To Current Achievements
Response accuracy
Q4
Partial Answer
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Context
The question addresses constituents' concerns about the impact of Mayor Khan's policy.
Does my hon. Friend agree that Mayor Khan's ultra-low emission zone expansion impacts families and businesses negatively without significant environmental benefit?
Let me welcome my hon. Friend to his place. He has wasted no time in advocating for his constituents against a Labour tax hitting households and businesses in the south-east. This is simply not right, and we urge the Leader of the Opposition to tell his Mayor of London to stop it.
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Assessment & feedback
Did not address the question about environmental benefits or economic impact.
Criticised Labour
Response accuracy
Q5
Partial Answer
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Context
Concerns about mandating pension funds to invest in specific green schemes.
The shadow Chancellor might mandate the use of pension fund money for pet schemes, risking pensioners' savings. What does my hon. Friend think this will do to the British economy?
Pension funds have a fiduciary responsibility to deliver financial returns and consider their pensioners' values. I am confident that they will continue to invest in line with the risks presented by climate change.
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Assessment & feedback
Did not address economic impact of mandated investments.
Stated Confidence Without Specifics
Response accuracy
Q6
Partial Answer
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Context
Government's ban on new onshore wind projects.
This Government effectively banned new onshore wind, crucial for net zero, energy security, and reducing bills. With Tory rebels clashing, can we get a clear answer: delay or lead with Labour on onshore wind?
Onshore wind plays an important role and we are deploying 14 GW of energy from it. It is one of our cheapest sources, but the hon. Lady does not have long to wait for answers in the Energy Bill being considered later.
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Assessment & feedback
Did not provide a clear commitment on future actions regarding new projects.
Referred To Upcoming Bill Without Commitment
Response accuracy