Climate Financing

Lord Howell of Guildford Excerpts

Tuesday 17th October 2023 Lords Chamber

[Lord Callanan (Con)]

The noble Lord asks a good question, which is slightly beyond the remit of the original Question. I point him to the answer that I just gave to my noble friend: empowering women and girls, giving them more control over their own reproductive rights, is very important in this area.

[Lord Howell of Guildford (Con)]

My Lords, I see that Janet Yellen, the American Treasury Secretary, estimates that it will take around $81 trillion—I repeat, $81 trillion—to get anywhere near the Paris targets by 2050. So, are we in the right ballpark at all in talking about £100 billion? If we are, is there not a need to concentrate on the gigantic coal burning of China, which is still around 1,000 times ours, as well as the huge coal burning of India and America? These account for 60% of the world’s emissions increases; is this not where the money should go?

[Lord Callanan (Con)]

My noble friend of course makes an important point. My reaction is that it is at least a start. Given the financial pressures on many developing countries, it is important to start the financing process. The £100 billion will be a commitment and will help many poorer parts of the world. He is also right that we need to work with China and the US to drive down their coal emissions. I am delighted that, in this country, coal will be completely gone from our power system by next year.