COP26

Jessica Morden Excerpts

Monday 15th November 2021 Commons Chamber

[The Prime Minister]

Yes. My hon. Friend makes an absolutely crucial point. This time it will be different, because at COP26 in Glasgow about 40 leading global financial institutions pledged that they would no longer invest in companies that supported or made their money out of deforestation. We also had the companies themselves, big commodities companies whose names I am sure my hon. Friend will be familiar with, saying they would no longer invest in products grown as a result of deforestation across the world. The agency for holding those sets of businesses to account, both banks—financial institutions—and companies, will be customers, account holders and consumers across the whole world, who will take their investment away from companies if they fail to honour those commitments. That is a huge change taking place across the world.

[Jessica Morden (Newport East) (Lab)]

There was a welcome acknowledgement at COP that the world cannot decarbonise without steel, whether it be for wind turbines, electric vehicles, energy-efficient buildings or infrastructure. It was therefore very disappointing that in the Budget there was little to support the steel industry to decarbonise, little help with energy prices, and no mention of the already small green steel fund. What, practically, are the Government going to do to support our industry—nuts and bolts, as the Prime Minister said earlier?

[The Prime Minister]

It is always worth remembering that steel output fell by 50% under the Labour Government because of their reckless mismanagement of the energy issue. What we have done is put about £600 million into relief for the steel industry to help it to cope with high energy costs, and a £315 million fund to transform steel and help it to move towards clean, green energy. That is what is needed.