COP26

Laura Farris Excerpts

Monday 15th November 2021 Commons Chamber

[The Prime Minister]

What I can certainly tell the hon. Gentleman is that the 125% super deduction he rightly refers to will be of great assistance to companies across the whole of the UK in investing in new clean, green technology. That is the way forward.

[Laura Farris (Newbury) (Con)]

One of the most significant diplomatic achievements of the COP was getting 130 countries, including the US and the BRIC—Brazil, Russia, India and China—economies, to agree to halt and reverse deforestation by 2030. However, we have been here before with the New York declaration in 2014, which was ultimately unsuccessful because it lacked any enforcement mechanism. Will my right hon. Friend say how he thinks we can ensure it will be different this time?

[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.