To ask Her Majesty's Government, further to the Written Answer by Lord Ahmad of Wimbledon on 25 February (HL13294), what assessment they have made of the Science Based Targets initiative; and whether any fossil fuel projects permitted under the "very limited exceptions” will be limited to investments and loan guarantees to organisations committed to the targets of that initiative.
Answered on
29 April 2021
The Science Based Targets initiative aims to obtain commitments from corporates to reduce their impact on climate change, based on their proportionate contribution to climate targets. As the exemptions within the Government's new policy on support for the fossil fuel energy sector overseas are not restricted to corporations, the Science Based Targets initiative was not considered during the formulation of the exemptions within the new policy.
The Government published detailed guidance accompanying the change to its policy on support for the fossil fuel energy sector overseas on 31 March which is available at: https://www.gov.uk/government/publications/how-the-government-will-implement-its-policy-on-support-for-the-fossil-fuel-energy-sector-overseas. We will consider any requests for project financing against the published guidance. The policies of CDC, the UK's development finance institution, are well aligned to the delivery of the Government's new policy.