COP 26 — House of Lords, 2021-11-16
Topic: Environment
Richard Newby (Liberal Democrats, Centre to centre-left): My Lords, I agree with the Prime Minister that those who thought that COP 26 would be a failure have been proved wrong. There were agreements on forests, methane, cars and finance, and there is undoubtedly some momentum among Governments and the private sector to move more quickly than previously Alok Sharma clearly worked extremely hard to achieve even more substantive progress, and he and his team deserve our thanks for all their efforts. By contrast, the Prime Minister seems to have played no concerted role at any point over the last two years. As the noble Baroness, Lady Smith, said, his second visit to COP seemed to consist only of a press conference dominated by the question of whether the UK, under his watch, is now a corrupt country The Statement itself demonstrates the Prime Minister’s addiction to hyperbole. The world, he says, is "calling time on coal." Really? When is that time? The declaration on coal is positive but, as it stands, is consistent with India and China continuing to use very large amounts of coal for decades ahead, decades which the world simply does not have. The Prime Minister says, we have "ticked our boxes on cars, cash and trees." I fear that, for him, that is exactly what we have done: enough to enable him to claim that a success has been achieved, with no recognition that the agreements in these areas, although very welcome, are partial and will need continuing global pressure to achieve their stated goals As the dust settles on the conference, the key questions in every sector contributing to climate change are, "How do we build on the progress of COP 26?" and, "What role can the UK play?" I will concentrate on just three areas: finance, China, and the UK’s own carbon reduction strategy On finance, it is important that companies set targets and keep to them and that we do not facilitate the funding of climate-threatening activities. On the former, can the noble Baroness confirm what carbon reduction plans the UK will require companies listed in the UK to set in future, and what sanctions there will be to ensure that they are fulfilled? Does she agree that choking off finance for new fossil fuel exploration and development is potentially crucial? If so, will the Government commit to banning new stock exchange listings of fossil fuel companies and funds? Will the Government also press for a change in the capital adequacy rules, so that they reflect the climate change risks attached to lending by banks to fossil fuel companies? Does she accept that this could in effect price out the viability of such loans in future On China, the Prime Minister has expressed his frustration that they did not make further commitments at COP 26. He rightly accepts that he is not in a position to tell President Xi what to do, but there seems to have been a retreat in the diplomatic resources and effort put into climate change diplomacy, not just with China but globally. China’s stock has been weakened in the eyes of the island states, and much of the developing world, by their unwillingness to move more quickly. Surely this is something we should be tapping into via our Diplomatic Service to encourage those countries to put pressure on China, which in the past has so assiduously sought their votes at the UN and in other international bodies. Will the diplomatic resources devoted to climate change be increased to allow this to happen Domestically, the Government’s policy, despite the targets, is characterised by a lack of consistency and ambition. Will the Government now make it clear that they oppose any further coal or oil extraction in this country? Will they up their game on insulating homes and installing heat pumps? Will they give real impetus to developing working carbon capture and storage schemes, which have been promised for so long but not delivered? Will they stop doing counterproductive things, such as the reduction in air passenger duty The Prime Minister, quoting Aristotle in his Statement, says that "virtue comes ... from habit and practice" and implies that he favours virtue, at least in our approach to climate change. Will he therefore heed his own, or rather Aristotle’s, words, cut out the hyperbole and more assiduously practise what he preaches?