Biodiversity: Dasgupta Review

Lord Krebs Excerpts

Thursday 4th February 2021 Lords Chamber

[Baroness Penn (Con)]

My Lords, the Prime Minister has agreed five policy themes for COP 26, and one of those is nature. In our nature campaign, we are committed to protecting and restoring the natural habitats and ecosystems on which climate, air, water and our way of life depend. This year we also have COP 15, for biological diversity, in China, which will be another important opportunity for global action on biodiversity.

[Lord Krebs (CB) [V]]

My Lords, the Public Accounts Committee’s recent excoriating report said with regard to the Government’s record on the environment that “progress is disappointing” and that the pace has been “painfully slow”. Dasgupta also calls for transformative change, and he suggests that financial actors and institutions could help to drive this change—for instance, through transparent measurement and disclosure that could influence investors. Does the Minister agree, and, if so, does she think that the markets alone will achieve the necessary radical change or that government intervention is required?

[Baroness Penn (Con)]

My Lords, I disagree with the PAC conclusions, but I agree about the importance of the financial sector in making progress on this issue. In December, the Chancellor announced the UK’s intention to make climate-related financial disclosures mandatory across our whole economy by 2025 and to have a significant portion of mandatory requirements in place by 2023—becoming the first country in the world to make these disclosures mandatory. This will be an important step, but not the only step; we will also need government action on this issue.