United Nations Biodiversity Conference
Debate between Lord Goldsmith of Richmond Park and Lord Benyon(3 years, 7 months ago)
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Lord Goldsmith of Richmond Park (Con) [V]
It is absolutely right that to speak with authority internationally, the UK needs to get its own house in order. That is not the case at the moment. Our biodiversity has been in decline; our environment is denuded. However, we have put in place a number of ambitious steps to try to turn that trajectory: the first Environment Bill for 20 years, with a whole host of ambitious measures; the green recovery challenge fund; getting NGOs restoring nature and tackling climate change in communities up and down the country; a £640 million Nature for Climate Fund; big and ambitious tree-planting targets; peatland restoration targets; and, above all, a commitment to switch the old land use subsidy system so that instead of incentivising destruction, it incentivises good environmental stewardship. The tools and the commitment are there, but we have some way to go.
Lord Benyon (Con) [V]
My Lords, the ground-breaking UN report, The Economics of Ecosystems and Biodiversity, said that we need to reflect on both
“the value of nature, and on the nature of value.”
The loss of species and the decline in the ability of natural systems to provide for humanity’s needs is not just an environmental catastrophe—it is an economic one as well. As has been said, the two COPs happening this year have complementary ambitions. Will my noble friend the Minister encourage the UK position to reflect the fact that Governments alone cannot solve this problem? We have to engage, empower and deploy the power of markets and the private sector, on a global scale, to make the difference that is needed.
Lord Goldsmith of Richmond Park (Con) [V]
That is absolutely right. A big part of our campaign as president of COP is to encourage donor countries to step up with more finance for nature. We are showing leadership ourselves, having doubled our international climate finance to £11.6 billion. We are committing to spend about a third of that on nature-based solutions and we want others to do something similar. Even if we succeed, however, that will not be anything like enough finance for nature; we will need more. That means mobilising private finance on an unprecedented scale and ensuring high-integrity carbon markets; we need a breakthrough around the Article 6 negotiations. Above all, we need to mainstream nature through the way we do business and align, for example, the big multilateral development banks not just with Paris commitments but with nature as well.