Global Population Growth

Baroness Hayman of Ullock Excerpts

Thursday 11th March 2021 Lords Chamber

[Lord Goldsmith of Richmond Park (Con) [V]]

The principal goal of COP 26—our job, in a sense—is to make real the commitments that were made in Paris under the Paris Agreement. We want countries cumulatively to bring emissions down in line with those commitments and that means all countries coming forward with realistic plans for 2030—improved nationally determined contributions and long-term strategies to reach net zero as soon as possible. Part of that involves increasing finance, so we are putting a lot of pressure on other donor countries to increase the finance that they make available for climate change and for nature-based solutions to climate change.

[Baroness Hayman of Ullock (Lab) [V]]

The Minister has mentioned nature a number of times. Scientists tell us that nature can provide us with almost 40% of our climate solution through forest and woodland conservation, restoration, sustainable land management and improved agriculture working that supports our climate. However, OECD data shows that investments that harm nature come to well over $500 billion per year. What action are the Government taking in preparation for COP 26 to put investment in nature and a reduction of these damaging economic impacts at the heart of tackling climate change internationally?

[Lord Goldsmith of Richmond Park (Con) [V]]

The noble Baroness raises perhaps the most important issue of all. There is no pathway to net zero without massive increase in our support for protecting and restoring nature. Nature-based solutions could contribute a very significant proportion of the solution in the most cost-effective manner. Only about 3% of global climate finance goes on nature, which is madness. We are challenging that and attempting to change it. The Prime Minister committed last year to doubling our climate finance to £11.6 billion. Since then, he has also committed that £3 billion of that, nearly 30%, will be spent on nature-based solutions. We are asking other donor countries to do the same. But we need to go beyond public money, so we are attempting to build a coalition of countries committed to shifting land-use subsidies, so that instead of incentivising destruction, they incentivise protection, and much more besides.