Sustainable Development Goals Summit

Baroness Altmann Excerpts

Thursday 21st September 2023 Lords Chamber

[Lord Mott (Con)]

It was clear from the Prime Minister’s announcement yesterday, and from my noble friend Lord Callanan at this Dispatch Box at Questions yesterday, that the Government remain committed. With regard to our international standing, our record speaks for itself. We are investing $200 million in hydro- power across Africa with Norway, providing enough clean energy to meet the energy needs equivalent to over 3 million people. The new Just Energy Transition Partnerships will mobilise $20 billion and $15.5 billion of financing to Indonesia and Vietnam respectively to help them move away from fossil fuel dependency while protecting communities and livelihoods.

[Baroness Altmann (Con)]

My Lords, with the indulgence of the House, I would like to move us back to sustainable development within the UK, which is an important issue if we are to have global leadership. Does my noble friend agree that we need to encourage more domestic pension fund money to be invested in these areas? Will he take back to his department, as well as liaising with the Treasury about this, the fact that, currently, many pension funds that would want to invest in UK sustainable projects, such as wind farms, solar farms and alternative energy or infrastructure, are being hampered by the crisis that has developed in the investment trust market, whereby many of the funds seem to have been unable to raise any finance? I hope my noble friend will look into that issue with urgency.

[Lord Mott (Con)]

I thank my noble friend for her question. I will continue the trend that I started earlier: when I do not understand or do not have complete information about a question, I will take it back to the department. I think I will take her question back to the department and to the Treasury to ensure that she gets a full response in a timely fashion.