G7 and NATO Summits

Lord Teverson Excerpts

Thursday 17th June 2021 Lords Chamber

[Baroness Evans of Bowes Park (Con)]

As I have said in response to previous questions, we remain and will remain a world-leading aid donor. Officials are currently looking through the implementation plans for our spending and I am sure that the noble Lord’s comments will be taken into account.

[Lord Teverson (LD) [V]]

My Lords, we very much welcome the G7 meeting here in Cornwall, where I speak at the moment, and we thank those who came for the good weather. Like the noble Lord, Lord Ricketts, what I really welcome is the concept of the Build Back Better World initiative. However, it seems potentially far too complex as it is explained at the moment. As we know from the Marshall plan after the Second World War, the European Bank for Reconstruction and Development, the belt and road initiative and the Asian Infrastructure Investment Bank, having simple single funders for these programmes works best. Will that be the case for B3W?

[Baroness Evans of Bowes Park (Con)]

The new approach is intended to give developing countries access to more, better and faster finance while accelerating the global shift to renewable energy and sustainable technology, and it is intended to expand the current investment offer by bringing in private finance for clean and green infrastructure in developing countries, to ensure that they have autonomy over their climate investments and ensure financial sustainability and access to cutting-edge technology and financing projects. As I said, a designated taskforce will look at the details, consult developing countries and other partners and report back on progress in the autumn.