Oral Answers to Questions

Caroline Lucas Excerpts

Wednesday 15th June 2022 Commons Chamber

[Rebecca Pow]

I thank my hon. Friend for raising that important issue. Nature-based solutions are critical, and about one third of the mitigation that we need to keep up with 2° of warming can be delivered through natural solutions. That is why the Government are focusing so many of their policies on that issue, whether through flood funding, the new environmental land management scheme, our Nature for Climate fund—that is £740 million and focuses specifically on trees—or peatland restoration. All those things will restore habitats, increase biodiversity and, critically, reduce carbon emissions and sequester carbon.

[Caroline Lucas (Brighton, Pavilion) (Green)]

We rightly talk about the adaptation finance gap, but as the Minister will know, according to Oxfam the economic costs of loss and damage could be up to £580 billion a year by 2030, yet rich countries are continuing to drag their feet. Will the Government work to ensure that Egypt succeeds where Glasgow failed, so that the £100 billion in climate finance is not just met but exceeded, and so that a new loss and damage finance facility is established at COP27?

[Rebecca Pow]

A major focus of COP26 was attracting climate finance, and £126 billion was attracted for the forest and agriculture sector to work on reducing degradation. We are of course focusing on the just energy transition, which is also important, and that remains a key focus, in particular doubling finance for adaptation to £40 billion by 2025.