Private Sector: Environment and COP 26

Lord Bird Excerpts

Wednesday 7th July 2021 Lords Chamber

Asked by

[Lord Bird]

To ask Her Majesty’s Government what steps they are taking to incentivise the private sector to make their operations more environmentally friendly ahead of COP 26.

[The Parliamentary Under-Secretary of State, Department for Business, Energy and Industrial Strategy (Lord Callanan) (Con)]

My Lords, we are calling on companies to commit to cut emissions via the UN’s Race To Zero campaign, to join in submitting near-term plans plus, by 2050, a net-zero goal for independent verification. The UK will also be the first G20 country to require mandatory TCFD-aligned discourses, and we have secured similar commitments from the G7. These initiatives show, among other things, how global businesses are going green and leading the way to a low-carbon future.

[Lord Bird (CB)]

The private sector was very useful when it came to the AstraZeneca vaccine, and the Government were incredibly thoughtful and rushed forward to support that company; it was a good example. However, the four objectives are a bit aspirational at the moment, so we need to push forward the way in which the Government can get the private sector on their side. May I suggest that they look again at some examples such as contracts for difference, which was about giving guarantees to start-ups and new businesses in the private sector in order to push forward? In that way, we can have the same response in the private sector for the environment as we got with AstraZeneca.

[Lord Callanan (Con)]

The noble Lord will I am sure be delighted to hear that we are launching a new contracts for difference round in December.