International Mother Earth Day

Baroness Hayman Excerpts

Monday 22nd April 2024 Lords Chamber

[Lord Benyon (Con)]

I entirely agree with the noble Lord. At recent COPs, particularly the CBD in Montreal 14 months ago, we spent a lot of time talking to representatives of local communities and indigenous peoples, to make sure that we are making this relevant to them. If the noble Lord wants one example, I will mention digital sequence information, which is potentially a £100 billion a year new nature fund, where the money will go direct to local communities and indigenous people. It is an example of the priority we are making them, to make sure that they are part of the conversation.

[Baroness Hayman (CB)]

My Lords, I declare my interests as set out in the register. The scale of the cost of servicing debt for emerging economies was highlighted at the World Economic Forum last week. Are His Majesty’s Government open to pursuing debt swaps as a way of allowing climate-vulnerable countries to implement the very necessary adaptation to combat the damaging effects of climate change that are all too obvious?

[Lord Benyon (Con)]

The noble Baroness is absolutely right that debt holds back countries in a completely unfair way, particularly those which are most vulnerable, and we are committed to improving the international debt system. We are pushing for improvements to the G20 common framework, and we use our position in official creditor committees to help to return countries to debt sustainability. One example I would give her is that we in the UK pioneered the climate resilient debt clauses, which pause debt repayments when a developing country is hit by a disaster. I am delighted that France and three other countries have followed suit, and that this is now becoming an established form of debt alleviation.