Oral Answers to Questions

Debate between Lord Sharma and Neil Parish

Wednesday 24th February 2021 Commons Chamber

[Neil Parish (Tiverton and Honiton) (Con)]

What progress the Government have made on raising international ambition to tackle climate change as part of preparations for COP26.

[The President of COP26 (Alok Sharma)]

We have made progress over the past year, with net zero commitments from countries collectively accounting for 70% of global GDP and 75 world leaders announcing climate commitments at the climate ambition summit that the UK hosted last December with the UN and France. However, as I said at the time, we still have some way to go and 2021 will need to be a critical year for climate action.

[Neil Parish [V]]

I congratulate the President of COP26 on his new role and wish him well.

Stopping deforestation in the tropics is crucial to reducing global carbon emissions, and to protecting biodiversity and the lands of local indigenous communities. However, UK firms, including several high street banks, have been found to be investing heavily in businesses directly causing deforestation. Does my right hon. Friend agree that the Government should seek to expose and prevent these funding streams, and encourage our COP26 partners to follow suit?

[Alok Sharma]

My hon. Friend knows a great deal about these matters, and he makes a vital point about the incredibly valuable role of tropical forests. He will be aware that the UK is championing a new global taskforce on nature-related financial disclosures to tackle nature-related risks in investments.