Ed Miliband

Ed Miliband

Labour — Doncaster North

Speaking in the House of Commons on 14 July 2025

Debate

State of Climate and Nature

Contribution

I have read the report, and the bit that the hon. Gentleman did not mention is where it says that if we end up in a 3°C world, we will add 56% of GDP to net debt. That is the cost of inaction. This is the point. Nick Stern—Lord Stern—produced a report in the 2000s which said that the costs of inaction were greater than the costs of action. This Office for Budget Responsibility fiscal risks report sets out very clearly that we will lose 8% of our GDP by 2070 if we do not act. Of course there is a cost to acting, and the report sets out different scenarios for public and private investment, but the evidence in that report could not be clearer about the costs of inaction, and they are far greater than the costs of action.

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