Global Biodiversity Framework and Taskforce on Nature-related Financial Disclosures

Monday 16th October 2023 Written Statements

[The Secretary of State for Environment, Food and Rural Affairs (Dr Thérèse Coffey)]

Last December, the world came together at the convention of biodiversity in Montreal, Canada, to agree the global biodiversity framework, with a priority objective to halt and reverse nature loss globally by 2030. Key to securing the agreement was the commitment to establish a GBF fund to be administered by the Global Environment Facility particularly to help the Global South in achieving this objective.

The United Kingdom announced that it would provide £10 million to the GBF fund during the GEF assembly in August, adding to the Canadian Government commitment. I am delighted that Germany became the third country to commit to this new fund during the UN General Assembly. As a consequence, the fund can now be operationalised and I expect the GEF to start funding projects next year.

Other significant progress was made on GBF implementation and our blue planet fund and ocean objectives during UN General Assembly and New York climate week. This included: the UK signing the ocean conservation pledge, building on our existing commitments to protect at least 30% of our own marine area by 2030; and announcements of funding for some key initiatives including £120,000 in funding to Plymouth Marine Laboratory, as the secretariat for the Ocean Acidification Research for Sustainability (OARS) programme and £2.5 million to tackle illegal, unreported, and unregulated fishing by funding the Joint Analytical Cell, which provides much-needed intelligence for countries around the world on protecting fisheries. We have also welcomed Costa Rica, Panama and Peru to the Global Plastic Action Partnership to reduce plastic pollution, particularly in the marine environment.

Working with countries around the world is vital in making progress on the GBF. That is particularly true of working with the Commonwealth of Nations. I chaired the first ever meeting of Commonwealth Environment and Climate Ministers, alongside its Secretary General, Baroness Scotland, which explored ways to strengthen collaboration to tackle global challenges such as climate change, biodiversity loss, desertification, ocean degradation and the energy transition.

Key to making progress on GBF implementation is bringing in private finance. Building on our 10-point plan for financing biodiversity, earlier this year we established a global initiative with France on biodiversity credits to accelerate high integrity investment that delivers for nature. At UNGA, the independent co-chairs Dame Amelia Fawcett and Sylvie Goulard of the international advisory panel met panel members in person for the first time and shared the work undertaken so far.

Further to this, the UK has been instrumental in supporting the global, market-led Taskforce on Nature-related Financial Disclosures. The TNFD framework has been designed by 40 private sector institutions representing over $20 trillion of assets under management. The aim of the TNFD is to generate decision-grade natural capital reporting data that can facilitate the alignment of global financial flows in support of improving nature. The panel launched its recommendations on 18 September at the New York stock exchange and again in London on 25 September. The UK Government have been instrumental in providing catalytic funding and political support to the TNFD since 2019. I welcome the commitment from GSK to use this framework from 2025 and hope that many more companies and institutions will start. Now that the recommendations have been launched, the UK Government will explore how best to incorporate it into UK policy in a manner that is coherent with global sustainability reporting in general, and nature themed standards development in particular.

[HCWS1064]