Question to the Department for Environment, Food and Rural Affairs:

To ask the Secretary of State for Environment, Food and Rural Affairs, what assessment he has made of the potential merits of introducing a statutory deforestation target for UK supply food and commodity supply chains; and what steps he is taking to bind the finance industry into net-zero and Paris Agreement targets.

There is no requirement in the Environment Bill for a deforestation target. This does not preclude the Government from setting one if it is judged to be the best way to deliver long-term environmental outcomes. The Bill framework allows for long-term targets to be set on any aspect of the natural environment, or people’s enjoyment of it. The Government is committed to setting targets through a robust, evidence-led process that seeks independent expert advice, provides a role for stakeholders and the public, as well as scrutiny from Parliament.

We have commissioned the Joint Nature Conservation Committee to develop a global environmental footprint indicator to help us understand the UK’s global footprint. The first phase of this work was published in May 2021, with further development following in the summer. The outcomes of this work will help inform our future thinking on the most appropriate approach to drive change in this area.

On finance, delivering our net zero objective will require deep decarbonisation of all sectors. We know that financial services will be a critical enabler in mobilizing green investment at the pace and scale required – and that is why green finance is a key priority for this Government.

Furthermore, the UK will become the first G20 country to make Taskforce on Climate- related Financial Disclosures-aligned disclosures fully mandatory across the economy, with most requirements introduced in the next three years. The Government is also actively supporting the Taskforce on Nature-related Financial Disclosures.

Finally, the UK will implement a green taxonomy, a common framework for determining which activities can be defined as environmentally sustainable, which will improve understanding of the environmental impact of firms’ activities and investments.