COP30

Alex Sobel Excerpts

Tuesday 25th November 2025 Commons Chamber

[Ed Miliband]

I have huge respect for the right hon. Gentleman and his work under the previous Government on a whole range of development and climate issues, and I thank him for his question. I think my view of COP is a bit like the Churchill view of democracy: it is the least-worst system we have. For all the complaints and all the problems with it, we are bringing together 193 or 194 countries and, as he will know from his experience of COPs, there is an element of accountability: the smallest island states can confront the big emitters.

This is hard, and it is painful, but I know that the right hon. Gentleman cares passionately about these issues. We skated over it in these discussions, but I would just say to him that the agreement to treble adaptation finance within the new collective quantified goal that was agreed last year, which the hon. Member for South Cambridgeshire (Pippa Heylings) drew attention to, is a significant development. It is not as much as many of the developing countries want, and looking at the scale of need—Hurricane Melissa, and so on—we can see the difficulties. I was involved in the £100 billion overall finance that Gordon Brown produced around the Copenhagen summit; again, it was hard, and developing countries complained about it being late, but it did set a bar of accountability for the developed world. I agree with the right hon. Gentleman that I am sure the process could be better, but I do think it is an important mechanism of accountability and driving progress.

[Alex Sobel (Leeds Central and Headingley) (Lab/Co-op)]

It is great to see my right hon. Friend back at the Dispatch Box once more after taking a global leading role at COP. We could have no better Secretary of State in this area. Whatever the Opposition say, the Secretary of State in the global mainstream of climate leadership. As he knows, article 6 was operationalised at last at COP29 last year. The UK, and particularly the City of London, could have a global leading role in utilising article 6 to preserve nature to afforest and restore wetlands, peat bogs and marine environments. We know that countries around the world—not just in the global south, but countries including Ukraine—are putting article 6 into domestic law. What more could we do in the UK to ensure that our City of London, and our global finance money, is creating that natural capital through article 6 around the world?

[Ed Miliband]

My hon. Friend draws attention to something that is relatively obscure in the big scheme of things that we talk about in this House, but which is incredibly important none the less. Article 6 on carbon markets was agreed last year after, I think, a decade of effort. I want to pay tribute, by the way, to Rachel Kyte, our climate envoy, who was very much part of that, and indeed Ruth Davis, our nature envoy. Two things are interesting about this. The first is that the Brazilians launched what they call the open coalition on compliance carbon markets to drive work on carbon markets forward. I was part of those discussions. The second interesting thing that has happened is that the idea of the carbon border adjustment mechanism, or CBAM, which has been called for by lots of Members of this House, has actually pushed forward some of the work on carbon markets. I think I am right in saying that 7% of the world was covered by carbon markets 15 years ago, and now it is 28%, so progress is moving forward. My hon. Friend is absolutely right about the potential role of the City of London in this.