The Government has pledged to reduce over 10,000 pages of regulatory guidance, following its 'Red Tape Challenge', to help businesses comply with environmental laws. But the MPs point out that regulations have an important role in safeguarding our health and the environment. The Government's strategy to create a green economy - 'Enabling the Transition to a Green Economy' - is too focused on voluntary action and fails to set a clear trajectory or any time-bound milestones for businesses to achieve. There is concern that introducing mandatory emissions reporting for big business has been delayed and Ministers are urged not to go back on their promise to do so. The recent financial crisis has demonstrated the clear risks from such a market-led approach, particularly when markets do not reflect the value of the services provided by nature - such as clean fresh water, pollination of crops, etc. This report urges the Government to: develop minimum sustainability standards; set out how data on natural capital in the National Accounts will be used; develop targets for improving the state of the environment and establish transparent reporting against such targets; and use the Natural Capital Committee's work on a 'natural asset stock check' as one of the basket of indicators used to measure the green economy. The Government should fully incorporate the principles of 'Enabling the Transition' into future revisions of the 'Plan for Growth'. Expenditure involved in making the transition to a green economy should be seen as an investment, not simply a cost.