COP 26

Baroness Blackstone Excerpts

Monday 28th March 2022 Lords Chamber

Asked by

[Baroness Blackstone]

To ask Her Majesty’s Government what progress they have made towards establishing the processes necessary to implement the ‘side deals’ made at COP26 on (1) coal, (2) methane, (3) forests, and (4) finance; and what discussions they have had with international partners about their implementation.

[The Parliamentary Under-Secretary of State, Department for Business, Energy and Industrial Strategy (Lord Callanan) (Con)]

My Lords, we are implementing progress in a number of ways, including through, first, the Powering Past Coal Alliance, the COP26 Energy Transition Council and the Just Energy Transition Partnership with South Africa; secondly, the global methane pledge, working closely with the US and the EU; thirdly, the Glasgow leaders’ declaration on forests and land use; and, fourthly, the Glasgow Financial Alliance for Net Zero, whose work is being taken forward in dialogue with the Government, businesses and civil society organisations.

[Baroness Blackstone (Ind Lab)]

My Lords, I thank the Minister for his reply. A number of pledges for funding were made at COP 26 and, as I am sure he is fully aware, 141 countries signed up to the Glasgow declaration on forest and land use to halt land loss and deforestation by 2030. In these circumstances, are the Government taking steps to stop financial institutions operating in the UK funding businesses that are linked to deforestation? The due diligence processes proposed by the Government are of course very welcome, but could more be done to stop the flow of money going to harmful deforestation?

[Lord Callanan (Con)]

I thank the noble Baroness for her question. I am sure there is always more that can be done but we have made considerable strides in terms of green finances, as I am sure she is aware. We are working closely with the Glasgow Financial Alliance for Net Zero, now representing more than 450 financial firms with £130 trillion in assets, to make sure that private finance goes towards green policies.