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1355118

registered interest
date	13/09/2021
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Renewable Energy: Cryptocurrencies
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what plans they have to support the Crypto Climate Accord initiative ahead of COP26; and what steps they plan to take to build support among the UK (1) crypto, and (2) fintech, industries for the cryptocurrency sector to be powered by 100 per cent renewable energy sources.
tabling member printed	Lord Mendelsohn
uin	HL2658
answer	answer is ministerial correction date of answer 27/09/2021 answer text <p>The Government’s private finance objective for the upcoming COP26 climate change forum is to ensure that every professional financial decision takes climate change into account. The recovery from COVID-19 will determine the mitigation and adaptation pathways for decades to come.</p><p> </p><p>The finance campaign will provide the conditions for a future that is genuinely greener, more resilient and more sustainable than the past. Action on finance underpins all the other COP campaigns: adaptation and resilience, energy transition, nature and zero-emission vehicles. Without the right levels of finance, the rest is not possible.</p><p> </p><p>The Government has already taken action to ensure the UK is the world-leading centre for green finance including through announcing an intention to make disclosures aligned with the Taskforce on Climate-related Financial Disclosures (TCFD) fully mandatory across the economy by 2025, making the UK the first country to do so.</p><p> </p><p>Additionally, the Government has committed to the implementation of a green taxonomy.  This will allow us to accelerate our work towards a greener financial sector, by providing a common definition for environmentally sustainable economy activities.</p><p> </p><p>The Cryptoasset Taskforce, comprising HM Treasury, the Financial Conduct Authority, and the Bank of England, considers the impact of cryptoassets and assesses what, if any, regulation is required in response. The Government has been monitoring developments within the cryptoasset industry, including rising energy usage.</p><p> </p><p>The Government is committed to upholding its pledge relating to the Paris Climate Agreement and have enacted a legally binding target to reach net zero greenhouse gas emissions by 2050. Between 1990 and 2018, the UK reduced its emissions by 43% while growing the economy by 75% – the best performance in the G7 on a per person basis and will continually assess any emerging environmental threats.</p> answering member printed Lord Agnew of Oulton grouped question UIN HL2661 question first answered 27/09/2021 08:52:26 answering member 4689 label Biography information for Lord Agnew of Oulton
tabling member	4286 label Biography information for Lord Mendelsohn

1355119

registered interest
date	13/09/2021
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Cryptocurrencies: Energy
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what plans they have to require UK (1) crypto, and (2) fintech, industries, to account for energy use in the production of digital currencies.
tabling member printed	Lord Mendelsohn
uin	HL2659
answer	answer is ministerial correction date of answer 27/09/2021 answer text <p>The Government has been monitoring developments within the cryptoasset industry, including rising energy usage.</p><p> </p><p>The Cryptoasset Taskforce, comprising HM Treasury, the Financial Conduct Authority, and the Bank of England, considers the impact of cryptoassets and assesses what, if any, regulation is required in response. The Government stands ready to respond to emerging risks or changes in the market and will continue to monitor developments in cryptoassets.</p><p> </p><p>In November 2020, the Chancellor announced that the UK will implement a green taxonomy – a common framework for determining which activities can be defined as environmentally sustainable – which will improve understanding of the impact of firms’ activities and investments on the environment and support our transition to a sustainable economy. More details on the green taxonomy will be announced in due course.</p><p> </p><p>The Government has already taken action to ensure the UK is the world-leading centre for green finance including through announcing an intention to make disclosures aligned with the Taskforce on Climate-related Financial Disclosures (TCFD) fully mandatory across the economy by 2025, making the UK the first country to do so.</p><p> </p><p>The Government is committed to upholding its pledge relating to the Paris Climate Agreement and have enacted a legally binding target to reach net zero greenhouse gas emissions by 2050. Between 1990 and 2018, the UK reduced its emissions by 43% while growing the economy by 75% – the best performance in the G7 on a per person basis and will continually assess any emerging environmental threats.</p> answering member printed Lord Agnew of Oulton grouped question UIN HL2660 HL2662 question first answered 27/09/2021 08:46:10 answering member 4689 label Biography information for Lord Agnew of Oulton
tabling member	4286 label Biography information for Lord Mendelsohn

1355121

registered interest
date	13/09/2021
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Cryptocurrencies: Carbon Emissions
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what estimate they have made of the amount in tonnes of carbon dioxide equivalent emissions that cryptocurrencies were responsible for in (1) the UK, and (2) the world, over the last 12 months.
tabling member printed	Lord Mendelsohn
uin	HL2660
answer	answer is ministerial correction date of answer 27/09/2021 answer text <p>The Government has been monitoring developments within the cryptoasset industry, including rising energy usage.</p><p> </p><p>The Cryptoasset Taskforce, comprising HM Treasury, the Financial Conduct Authority, and the Bank of England, considers the impact of cryptoassets and assesses what, if any, regulation is required in response. The Government stands ready to respond to emerging risks or changes in the market and will continue to monitor developments in cryptoassets.</p><p> </p><p>In November 2020, the Chancellor announced that the UK will implement a green taxonomy – a common framework for determining which activities can be defined as environmentally sustainable – which will improve understanding of the impact of firms’ activities and investments on the environment and support our transition to a sustainable economy. More details on the green taxonomy will be announced in due course.</p><p> </p><p>The Government has already taken action to ensure the UK is the world-leading centre for green finance including through announcing an intention to make disclosures aligned with the Taskforce on Climate-related Financial Disclosures (TCFD) fully mandatory across the economy by 2025, making the UK the first country to do so.</p><p> </p><p>The Government is committed to upholding its pledge relating to the Paris Climate Agreement and have enacted a legally binding target to reach net zero greenhouse gas emissions by 2050. Between 1990 and 2018, the UK reduced its emissions by 43% while growing the economy by 75% – the best performance in the G7 on a per person basis and will continually assess any emerging environmental threats.</p> answering member printed Lord Agnew of Oulton grouped question UIN HL2659 HL2662 question first answered 27/09/2021 08:46:11 answering member 4689 label Biography information for Lord Agnew of Oulton
tabling member	4286 label Biography information for Lord Mendelsohn

1355122

registered interest
date	13/09/2021
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Energy: Cryptocurrencies
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government whether managing the high energy impact of cryptocurrencies will be on the agenda at COP26.
tabling member printed	Lord Mendelsohn
uin	HL2661
answer	answer is ministerial correction date of answer 27/09/2021 answer text <p>The Government’s private finance objective for the upcoming COP26 climate change forum is to ensure that every professional financial decision takes climate change into account. The recovery from COVID-19 will determine the mitigation and adaptation pathways for decades to come.</p><p> </p><p>The finance campaign will provide the conditions for a future that is genuinely greener, more resilient and more sustainable than the past. Action on finance underpins all the other COP campaigns: adaptation and resilience, energy transition, nature and zero-emission vehicles. Without the right levels of finance, the rest is not possible.</p><p> </p><p>The Government has already taken action to ensure the UK is the world-leading centre for green finance including through announcing an intention to make disclosures aligned with the Taskforce on Climate-related Financial Disclosures (TCFD) fully mandatory across the economy by 2025, making the UK the first country to do so.</p><p> </p><p>Additionally, the Government has committed to the implementation of a green taxonomy.  This will allow us to accelerate our work towards a greener financial sector, by providing a common definition for environmentally sustainable economy activities.</p><p> </p><p>The Cryptoasset Taskforce, comprising HM Treasury, the Financial Conduct Authority, and the Bank of England, considers the impact of cryptoassets and assesses what, if any, regulation is required in response. The Government has been monitoring developments within the cryptoasset industry, including rising energy usage.</p><p> </p><p>The Government is committed to upholding its pledge relating to the Paris Climate Agreement and have enacted a legally binding target to reach net zero greenhouse gas emissions by 2050. Between 1990 and 2018, the UK reduced its emissions by 43% while growing the economy by 75% – the best performance in the G7 on a per person basis and will continually assess any emerging environmental threats.</p> answering member printed Lord Agnew of Oulton grouped question UIN HL2658 question first answered 27/09/2021 08:52:26 answering member 4689 label Biography information for Lord Agnew of Oulton
tabling member	4286 label Biography information for Lord Mendelsohn

1355124

registered interest
date	13/09/2021
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Cryptocurrencies: Carbon Emissions
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what steps they are taking to account for the blockchain impact of cryptocurrency use in national emissions calculations; and how this relates to the UK's commitments under the Paris Agreement to the United Nations Framework Convention on Climate Change.
tabling member printed	Lord Mendelsohn
uin	HL2662
answer	answer is ministerial correction date of answer 27/09/2021 answer text <p>The Government has been monitoring developments within the cryptoasset industry, including rising energy usage.</p><p> </p><p>The Cryptoasset Taskforce, comprising HM Treasury, the Financial Conduct Authority, and the Bank of England, considers the impact of cryptoassets and assesses what, if any, regulation is required in response. The Government stands ready to respond to emerging risks or changes in the market and will continue to monitor developments in cryptoassets.</p><p> </p><p>In November 2020, the Chancellor announced that the UK will implement a green taxonomy – a common framework for determining which activities can be defined as environmentally sustainable – which will improve understanding of the impact of firms’ activities and investments on the environment and support our transition to a sustainable economy. More details on the green taxonomy will be announced in due course.</p><p> </p><p>The Government has already taken action to ensure the UK is the world-leading centre for green finance including through announcing an intention to make disclosures aligned with the Taskforce on Climate-related Financial Disclosures (TCFD) fully mandatory across the economy by 2025, making the UK the first country to do so.</p><p> </p><p>The Government is committed to upholding its pledge relating to the Paris Climate Agreement and have enacted a legally binding target to reach net zero greenhouse gas emissions by 2050. Between 1990 and 2018, the UK reduced its emissions by 43% while growing the economy by 75% – the best performance in the G7 on a per person basis and will continually assess any emerging environmental threats.</p> answering member printed Lord Agnew of Oulton grouped question UIN HL2659 HL2660 question first answered 27/09/2021 08:46:11 answering member 4689 label Biography information for Lord Agnew of Oulton
tabling member	4286 label Biography information for Lord Mendelsohn

1330360

registered interest
date	07/06/2021
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Bitcoin: Energy
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government, further to the establishment of the Bitcoin Mining Council, what steps they will take (1) to encourage the use of renewable power and sustainable Bitcoin mining, and (2) to monitor the effectiveness of the Council.
tabling member printed	Lord Mendelsohn
uin	HL787
answer	answer is ministerial correction date of answer 16/06/2021 answer text The Government has been monitoring developments within the cryptoasset industry, including rising energy usage.<p> </p><p>The Cryptoasset Taskforce, comprising HM Treasury, the Financial Conduct Authority, and the Bank of England, considers the impact of cryptoassets and assesses what, if any, regulation is required in response. The Government stands ready to respond to emerging risks or changes in the market and will continue to monitor developments in cryptoassets.</p><p> </p><p>In November 2020, the Chancellor announced that the UK will implement a green taxonomy – a common framework for determining which activities can be defined as environmentally sustainable – which will improve understanding of the impact of firms’ activities and investments on the environment and support our transition to a sustainable economy. More details on the green taxonomy will be announced in due course.</p>The Government has already taken action to ensure the UK is the world-leading centre for green finance including through announcing an intention to make disclosures aligned with the Taskforce on Climate-related Financial Disclosures (TCFD) fully mandatory across the economy by 2025, making the UK the first country to do so. answering member printed Lord Agnew of Oulton grouped question UIN HL788 HL789 question first answered 16/06/2021 10:45:07 answering member 4689 label Biography information for Lord Agnew of Oulton
tabling member	4286 label Biography information for Lord Mendelsohn

1330361

registered interest
date	07/06/2021
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Cryptocurrencies: Environment Protection
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government whether (1) the Cryptoasset Taskforce, or (2) any government department, collects or collates data on the environmental impact of cryptocurrencies; and if so, when any such data will be published.
tabling member printed	Lord Mendelsohn
uin	HL788
answer	answer is ministerial correction date of answer 16/06/2021 answer text The Government has been monitoring developments within the cryptoasset industry, including rising energy usage.<p> </p><p>The Cryptoasset Taskforce, comprising HM Treasury, the Financial Conduct Authority, and the Bank of England, considers the impact of cryptoassets and assesses what, if any, regulation is required in response. The Government stands ready to respond to emerging risks or changes in the market and will continue to monitor developments in cryptoassets.</p><p> </p><p>In November 2020, the Chancellor announced that the UK will implement a green taxonomy – a common framework for determining which activities can be defined as environmentally sustainable – which will improve understanding of the impact of firms’ activities and investments on the environment and support our transition to a sustainable economy. More details on the green taxonomy will be announced in due course.</p>The Government has already taken action to ensure the UK is the world-leading centre for green finance including through announcing an intention to make disclosures aligned with the Taskforce on Climate-related Financial Disclosures (TCFD) fully mandatory across the economy by 2025, making the UK the first country to do so. answering member printed Lord Agnew of Oulton grouped question UIN HL787 HL789 question first answered 16/06/2021 10:45:08 answering member 4689 label Biography information for Lord Agnew of Oulton
tabling member	4286 label Biography information for Lord Mendelsohn

1330362

registered interest
date	07/06/2021
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Cryptocurrencies: Environment Protection
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what assessment they have made of the level of energy use in the mining of Bitcoin, as identified by the Cambridge Bitcoin Electricity Consumption Index; and what steps they will take to address the environmental harms of cryptocurrencies.
tabling member printed	Lord Mendelsohn
uin	HL789
answer	answer is ministerial correction date of answer 16/06/2021 answer text The Government has been monitoring developments within the cryptoasset industry, including rising energy usage.<p> </p><p>The Cryptoasset Taskforce, comprising HM Treasury, the Financial Conduct Authority, and the Bank of England, considers the impact of cryptoassets and assesses what, if any, regulation is required in response. The Government stands ready to respond to emerging risks or changes in the market and will continue to monitor developments in cryptoassets.</p><p> </p><p>In November 2020, the Chancellor announced that the UK will implement a green taxonomy – a common framework for determining which activities can be defined as environmentally sustainable – which will improve understanding of the impact of firms’ activities and investments on the environment and support our transition to a sustainable economy. More details on the green taxonomy will be announced in due course.</p>The Government has already taken action to ensure the UK is the world-leading centre for green finance including through announcing an intention to make disclosures aligned with the Taskforce on Climate-related Financial Disclosures (TCFD) fully mandatory across the economy by 2025, making the UK the first country to do so. answering member printed Lord Agnew of Oulton grouped question UIN HL787 HL788 question first answered 16/06/2021 10:45:08 answering member 4689 label Biography information for Lord Agnew of Oulton
tabling member	4286 label Biography information for Lord Mendelsohn

1314180

registered interest
date	12/05/2021
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Cryptocurrencies: Carbon Emissions
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what assessment they have made of the environmental impact of cryptocurrencies on companies trying to achieve carbon neutral status.
tabling member printed	Lord Mendelsohn
uin	HL175
answer	answer is ministerial correction date of answer 19/05/2021 answer text <p>The Government has been monitoring developments within the cryptoasset industry, including rising energy usage.</p><p>The Government has already taken action to ensure the UK is the world-leading centre for green finance including through announcing an intention to make disclosures aligned with the Taskforce on Climate-related Financial Disclosures (TCFD) fully mandatory across the economy by 2025, making the UK the first country to do so.</p><p>Additionally, the Government has committed to the implementation of a green taxonomy. This will allow us to accelerate our work towards a greener financial sector, by providing a common definition for environmentally sustainable economy activities.</p><p>The Government’s private finance objective for the upcoming COP26 climate change forum is to ensure that every professional financial decision takes climate change into account. The recovery from COVID-19 will determine the mitigation and adaptation pathways for decades to come.</p><p>The finance campaign will provide the conditions for a future that is genuinely greener, more resilient and more sustainable than the past. Action on finance underpins all the other COP campaigns: adaptation and resilience, energy transition, nature and zero-emission vehicles. Without the right levels of finance, the rest is not possible.</p><p>The Cryptoasset Taskforce, comprising HM Treasury, the Financial Conduct Authority, and the Bank of England, considers the impact of cryptoassets and assesses what, if any, regulation is required in response. The Government stands ready to respond to emerging risks or changes in the market and will continue to monitor developments in cryptoassets.</p> answering member printed Lord Agnew of Oulton grouped question UIN HL178 question first answered 19/05/2021 13:28:15 answering member 4689 label Biography information for Lord Agnew of Oulton
tabling member	4286 label Biography information for Lord Mendelsohn

1144180

registered interest
date	03/09/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Business
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what assessment they have made of the report by the Bank of England The Brexit vote, productivity growth and macroeconomic adjustments in the United Kingdom, published on 27 August, which states that Brexit has so far caused UK productivity to fall by between two and five per cent, and business investment to fall by 11 per cent; and what steps they are taking to address declining productivity and business investment.
tabling member printed	Lord Mendelsohn
uin	HL17668
answer	answer is ministerial correction date of answer 09/09/2019 answer text <p>Productivity growth since the referendum has been 1.3%. The Bank of England analysis suggests slow productivity growth in the UK since the Brexit vote is due to a fall in investment, with a relatively insensitive response in employment.</p><p>We are tackling the UK’s productivity challenge head on to sustainably boost living standards in the long term for everyone. We have invested over half a trillion pounds in capital investment, cut taxes for businesses, improved access to finance, increased the National Productivity Investment Fund to £37bn, committed to reform technical education through T-levels and will be publishing our National Infrastructure Strategy this Autumn which sets out a plan for a step change in infrastructure investment.</p> answering member printed The Earl of Courtown question first answered 09/09/2019 15:39:59 answering member 3359 label Biography information for The Earl of Courtown
tabling member	4286 label Biography information for Lord Mendelsohn