International Development Strategy

Lord Oates Excerpts

Monday 6th June 2022 Lords Chamber

[Lord Goldsmith of Richmond Park (Con)]

The Foreign Secretary confirmed recently that the FCDO will spend £745 million on bilateral women and girls programmes this financial year. This will restore bilateral spending to 2020-21 levels. As I said earlier, the new approach will be set out in full in the UK’s 2022 women and girls strategy.

[Lord Oates (LD)]

My Lords, the Minister will recognise that climate change poses a major threat to progress on international development. Does he also agree that private capital alongside development aid will be critical in tackling it? To that end, will the Government encourage the Glasgow Financial Alliance for Net Zero to put far more emphasis on engaging African financial institutions in its work and to focus on delivering real benefits to the 2.5 billion people who will live in Africa by 2050?

[Lord Goldsmith of Richmond Park (Con)]

The noble Lord is right that the UK is currently doing all it can to encourage donor countries to increase the finance they make available for climate change and nature, with some success. However, even if we are very successful —more so than we expect—it will not be anything more than a drop in the ocean compared with what is needed, so mobilising private finance is key. We have persuaded the multilateral development banks, including the World Bank, to align their funding not just with Paris goals but with nature. At the G7, the UK was solely responsible, I think, for persuading other G7 members to align all their aid with nature and the Paris goals—something that we did not expect to get over the line but did, thanks to our brilliant negotiators. We are working hard to mobilise private finance from all sources; I would be happy to talk in more detail with the noble Lord in due course.