Taskforce on Nature-related Financial Disclosures

Earl Russell Excerpts

Tuesday 30th April 2024 Lords Chamber

[Lord Benyon (Con)]

The noble Baroness is absolutely right. Assessing the Materiality of Nature-Related Financial Risks for the UK is an outstanding report, which needs to be read by chairmen of risk companies all over the world. It identifies precisely that this problem is not just about the environment but about risk. The net-zero economy grew by 9% last year. The value of net-zero technologies is now £74 billion, and the same will happen for nature. Therefore, there is an economic imperative as well as one that should drive us because we need to do the right thing for nature.

[Earl Russell (LD)]

My Lords, the UK was an early adopter of the TNFD framework, and it is great that more 300 businesses have now signalled their intention to sign up. What actions are the Government undertaking to promote and champion the framework internationally, particularly at key global functions such as the G7 and the G20 summits this year?

[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.