Question

To ask the President of COP26, what steps he is taking with global partners to ensure (a) food and commodity supply chains are environmentally responsible (b) that the finance industry is bound by net-zero and the Paris Agreement targets.

The Forest, Agriculture and Commodity Trade (FACT) Dialogue is critical to ensuring supply chains are environmentally responsible. This is a ground-breaking partnership between producer and consumer countries committed to taking action to transition to more sustainable commodity production and global trade. Building on the Just Rural Transition Initiative, we also aim to build momentum for policy action, innovation, and investment for sustainable agriculture and food systems, particularly through the ‘Transition to Sustainable Agriculture’ Policy Dialogue.

On the finance industry, the UK is implementing a framework for embedding climate into every financial decision and creating a more sustainable financial system to support the path to net zero. The agenda for private finance can be seen here.

In addition, we have now launched the Glasgow Financial Alliance for Net Zero (GFANZ), which brings together over 160 firms (together responsible for assets in excess of $70 trillion) from the leading net zero initiatives across the financial system. GFANZ will work to mobilise the trillions of dollars necessary to build a global zero emissions economy and deliver the goals of the Paris Agreement.