This report suggests a framework for recognising the value of the environment and enshrining its protection in the structure of the UK economy, based on the concept of natural capital. This comprehensive spending review (CSR) is an opportunity despite the tight fiscal context, to use a new intellectual framework to deliver both environmental and economic objectives through a smart mixture of revenue-raising and spending. The report puts forward proposals for doing this in five key areas: energy, transport, waste, water and biodiversity. The list is not exhaustive, nor is it out last word on any of the issues. But the report does embody, for us, a step change in the Treasury's contribution to environmental goals that would be consistent with the urgency and scale of the challenge facing us.
