(5 years, 5 months ago)
Commons ChamberThe UK has long supported the promotion of our values globally, including ambitious global action to tackle climate change, and this will continue. We are exploring all options in the design of future trade policy, including how to tackle climate change. We are working to realise the potential for low-carbon exports from the UK and supporting UK jobs.
While the Department for International Development has a clear strategy for promoting low-carbon development in low-income countries, fossil fuels made up a shocking 99.4% of UK Export Finance’s energy support to low and middle-income countries in the last financial year. Does the Secretary of State agree with the International Development Committee’s finding that his Department’s spending is
“damaging the coherence of the Government’s approach to combating climate change”,
and what steps has he taken to ensure a more joined-up approach among his Cabinet colleagues?
The UK has an enviable record of success in decarbonisation. A target will be agreed of an 80% reduction by 2050; renewable capacity is up four times since 2010; and there will be £10 billion in annual support by 2021. Expertise is being built in offshore, smart energy, sustainable construction, precision agriculture, green finance, electric vehicles and so on. As I travel around the world, I meet many representatives from developing countries who are interested in all these technologies. Our trade policy is focused absolutely on ensuring that our exporters are set up to spread this green technology around the world. UKEF will play its part in funding this global revolution. In the short term, I have no doubt that some fossil fuel investments will be made, but as we progress that will transform into low-carbon development.