COP 26

Lord Oates Excerpts

Tuesday 25th May 2021 Lords Chamber

[Lord Goldsmith of Richmond Park (Con) [V]]

My Lords, China has made significant commitments on emissions reductions. It has committed to net zero by 2060; we hope it will be able to bring that date forward and be even more ambitious. We are working very closely with China, particularly in relation to its hosting of the Convention on Biological Diversity, which will happen shortly before we host the climate convention here, in Glasgow. We are working closely with China to link those two conventions together because we believe that a good nature COP will have implications for climate and a good climate COP will have implications for nature. So we are having as much engagement as we can with the Chinese, pushing for the maximum possible ambition at both conventions.

[Lord Oates (LD)]

Can the Minister tell the House what plans the Government have to use COP 26 to push for changes in the international financial regulations with regard to the financing of fossil fuel projects?

[Lord Goldsmith of Richmond Park (Con) [V]]

At the G7 just a few days ago, we were able under UK leadership to secure commitments around phasing out fossil fuel subsidies internationally. We also secured commitments from some members of the G7, as well as countries not part of the G7, that we will use our collective leverage to ensure that the multilateral development institutions align their policies and portfolios not only with Paris but with nature. We know that there is not enough public money in the world to deliver the solutions we need for either climate or nature, so we need private finance and we need the multilateral institutions to step up much more than they have so far.