The Economics of Biodiversity: The Dasgupta Review

Kemi Badenoch Excerpts

Monday 14th June 2021 Written Statements

[The Exchequer Secretary to the Treasury (Kemi Badenoch)]

At Spring Statement 2019, the Government commissioned an independent, global review on the economics of biodiversity. “The Economics of Biodiversity: The Dasgupta Review” was published on 2 February [HCWS752].

Having examined its findings, I have today laid before Parliament the Government response to the Dasgupta review (CP 466).

In response to the review, the Government commits to: delivering a “nature positive” future, in which we leave the environment in a better state than we found it, and reverse biodiversity loss globally by 2030; and ensuring that economic and financial decision making, and the systems and institutions that underpin it, supports the delivery of a nature positive future.

The response sets out the ways in which the Government are already making significant progress towards delivering that future, for example, in England, re-orienting agricultural support to improve the environment, animal health and welfare, and reduce carbon emissions. The Government have also committed to spend at least £3 billion of the UK’s international climate finance on nature and biodiversity over five years, and have set out a 10-point plan for a green industrial revolution which will mobilise £12 billion of Government investment to create and support up to 250,000 highly skilled green jobs across the UK.

Building on our nature agenda, the response also sets out the ways in which the Government will go further in light of many of the review’s conclusions, including by:

legislating in England for a binding target for species abundance to be achieved by 2030, aiming to halt the decline of nature;

legislating in England for “biodiversity net gain” for nationally significant infrastructure projects through a new amendment to the Environment Bill which will be tabled shortly;

ensuring all new UK bilateral aid spending does no harm to nature;

committing up to £3 million additional support to the development of the taskforce on nature-related financial disclosures framework, which will support financial institutions and companies to report and act on nature-related risks.

working with the Office for National Statistics to improve the way nature is incorporated into our national accounts and maximise their use in policy-making; and

incorporating biodiversity into the UK Government green financing framework, which will determine which projects are eligible for financing under the UK Government’s green gilt programme.

The Government’s response to the review is published at:

https://www.gov.uk/government/publications/the-economics-of-biodiversity-the-dasgupta-review-government-response

Copies of the paper are available in the Vote Office and the Printed Paper Office.

[HCWS87]