Protecting and Restoring Nature: COP15 and Beyond

Baroness Winterton of Doncaster Excerpts

Thursday 14th July 2022 Commons Chamber

[Barry Gardiner]

I am delighted that my hon. Friend made that intervention at precisely that moment, because it enables me to talk about green finance, and the importance of involving the private sector and ensuring that critical private finance is coming in. Green bonds and debt-for-biodiversity swaps are innovative and fundamental ways in which we should facilitate countries such as Belize to tackle the environmental problems they face. It cannot be done without money, and it cannot be done simply with public money. In fact, green bonds are now classed as more attractive than ordinary, vanilla bonds, because they tackle not one issue, but two; they mitigate risk on two factors. The secondary market in green bonds has really taken off.

I want to talk about the way in which the financial sector needs to be regulated and guided through the issue. The right hon. Member for Epsom and Ewell spoke about the way in which our financial sector was incentivising deforestation, particularly in Brazil. He is absolutely correct. We should not simply say, as is the Government’s position, that companies need to declare their climate and sustainability actions in their mandatory annual reporting, and that they should not fund any activity, such as ranching in Brazil, that drives illegal deforestation. That is not good enough. When those stipulations were put in place, countries such as Brazil simply changed the law to make it legal so that they could continue to receive the finance. There must be objectivity about whether something is or is not deforestation.

I am conscious that I should not take up too much more time, but it is critical that COP15 addresses access and benefit sharing. We will not have global agreement and global co-operation on the environment and our failing global biodiversity unless biopiracy by pharmaceutical companies is addressed. These companies must not go into communities—my right hon. Friend the Member for Leeds Central referred to this—and say, “We are going to take the genetic sequences of these two trees and use them in our pharmaceutical products, but you will not get any advantages from it.” That is why the UK must be foursquare behind access and benefit sharing at COP15.

An ecosystem has the right to exist, to flourish, to regenerate its vital cycles and to evolve naturally without human disruption. Nature has rights. We often think that rights apply only to us, but trusts and institutions have rights, and those rights are safeguarded by trustees and guardians. That is us. Nobody else is here to argue for nature. We must be the guardians of that trust. We have been on this planet for only 0.13% of the time that biodiversity has existed. We have no right to destroy the world around us.

[Madam Deputy Speaker (Dame Rosie Winterton)]

I call the SNP spokesperson, Deidre Brock.