CHOGM, G7 and NATO Summits

Baroness Bennett of Manor Castle Excerpts

Monday 4th July 2022 Lords Chamber

[Baroness Evans of Bowes Park (Con)]

What my noble friend is asking about is the Partnership for Global Infrastructure and Investment, which I mentioned in response to the noble Lord, Lord Newby, which is the G7 initiative to narrow the investment gap for sustainable, inclusive, climate-resilient and quality infrastructure in emerging markets and developing countries. We, through the G7, intend to mobilise the private sector for accelerated action and support just energy transition partnerships. As I mentioned, one has already been set up with South Africa, and we are currently working towards further partnerships with India, Indonesia, Senegal and Vietnam. It is that initiative that the G7 will be developing within that space.

[Baroness Bennett of Manor Castle (GP)]

My Lords, my question follows on from that, on the Partnership for Global Infrastructure and Investment. Will the Leader of the House agree with me that it is crucial that this money avoids the errors that have happened so often in the past, where money has gone into the priorities of investors rather than the needs of the poorest in society? Will she agree that this money needs to take a rights-based, gender-sensitive approach, delivering a just transition rather than ensuring that the rich in some countries get richer and the global north benefits—particularly in ensuring that the global south does not get laid on with even further levels of debt burden when it is already carrying levels of debt that it is unable to afford?

[Baroness Evans of Bowes Park (Con)]

I certainly agree with the noble Baroness that we need to make sure that this initiative delivers for the poorest countries in the world, and that we work in a collaborative and effective way. That is what is happening in the development of this partnership. As I have said, we already have the first one announced, we are working towards several more, and we will support partners in developing countries and emerging markets in a fair and sustainable way.