Taskforce on Nature-related Financial Disclosures

Baroness Hayman Excerpts

Tuesday 30th April 2024 Lords Chamber

[Lord Benyon (Con)]

Climate and nature finance are raised at all those fora. The most important thing is that the Government have put a large amount of money in. We have backed the Green Finance Institute, a wonderful organisation, with £4.8 million to do a number of different pieces of work for us. This is being talked about in all sorts of fora and was mentioned last week at the World Bank spring meetings. It is now embedded in how risk is talked about as well as in how Governments are supporting a global endeavour to get some universal baseline which companies can understand and which is not overburdensome but which makes them look at their supply chains.

[Baroness Hayman (CB)]

My Lords, I declare my interests as set out in the register. I want to ask the Minister specifically about financing for deforestation. The green finance strategy committed the Government to organising some round tables to discuss how to tackle this problem. Can the Minister update me as to how those round tables are going and what the outputs are?

[Lord Benyon (Con)]

There is a lot of talking about it but there is also a lot of action. Any day now, we will publish our forest risk commodities regulation, which will be debated by this House and will be an effective way of making sure that consumers here know that they are not using commodities that will result in rainforests being destroyed. However, there is a lot more to be done. I give the example of the Congo Basin, where I was recently. The UK is a major funder towards protecting that extraordinary, vast ecosystem which if it was allowed to collapse would impoverish all sub-Saharan Africa. It is really important that we work internationally on these matters.