Environmental Audit Committee

Olly Glover Excerpts

Thursday 8th May 2025 Commons Chamber

[Mr Perkins]

To return a compliment, my hon. Friend is the only person who was there at the start of the evidence and at the end, and we are very grateful for the continuity he provides. He is right that, as the Committee’s report lays out, we need to see a natural capital approach embedded right through Government. The forthcoming spending review is a great opportunity to see that, and I really hope that we do. He makes an important point about the national wealth fund; it provides a huge opportunity and we look forward to hearing what the Minister has to say on that both at this juncture and in his response to the report, which we will get from the Government in due course.

[Olly Glover (Didcot and Wantage) (LD)]

I commend the hon. Member for the quality of the Committee’s first report of this Parliament. The National Trust has warned that the Planning and Infrastructure Bill is a “licence to kill nature” and the Office for Environmental Protection has advised the Government that it is a “regression” in environmental law. Does he share my concern that a nature restoration fund could create risks to the UK economy by undermining our natural capital, and does he agree that without substantial private investment in nature, Government pledges to protect 30% of land by 2030, halt the decline of species and improve people’s access to green spaces could be at risk?

[Mr Perkins]

I thank the hon. Member for his kind words. I will start at the end of his question. He is absolutely right, and we agree with the Government that we need to be able to attract more private investment if the 30 by 30 aspiration is to be realised. It was notable that when the Government came to the Committee, they made it clear that they did not yet know—as their predecessor Government did not know—exactly how much was being raised by the private sector. The starting point of assessing whether the Government are on track to meet their targets is knowing how well they are doing right now. One of the recommendations in the report is therefore that the Government should get on with identifying the full scale of the current level of private sector investment. We will absolutely look to do that.

The jury is still out on whether the nature restoration fund will be a good or a bad thing. It offers real potential. A one-for-one approach on small schemes is sometimes expensive to provide and offers relatively limited value, so there is real value to a pooled approach that enables money to go in so that wider-scale improvements can be delivered. However, as I said, we need to be really sure that that does not mean that urban areas get the blight and rural areas get all the nature gain. We need to see it delivered close to where the initial plans are being delivered.