PARLIAMENTARY DEBATE
COP28 - 29 November 2023 (Commons/Commons Chamber)
Debate Detail
In Glasgow, we cemented the goal of limiting global temperature increases to 1.5°C as our north star. That has been carried forward by the UAE presidency. The latest science and the impacts we are seeing, even at 1.1°C, show us why. A top priority for the United Kingdom is to leave COP28 with a clear road map towards keeping 1.5°C in reach from the global stocktake. The UK heads to COP28 with a record at home and internationally that we can be proud of. The Prime Minister recently affirmed our commitment to net zero and set out our new approach to get there. At home, we have decarbonised faster than any other major economy—by 48% since 1990. Looking forward, our 2030 target requires the largest reduction in emissions of any major economy.
Two years on from Glasgow, the need to accelerate action is more urgent than ever. The world needs to decarbonise more than five times faster than we have done in the last two decades. At COP28, we want to see progress against five areas: ambitious new commitments and action, including a pathway to keep 1.5°C within reach from the global stocktake; scaling up clean energy through commitments to triple renewables, double energy efficiency and move beyond fossil fuels; progress on finance reform, delivering $100 billion for developing economies; building resilience to climate impacts, including by doubling adaptation finance and establishing a loss and damage fund; and, finally, progress on restoring nature. Action to deliver net zero is not just a matter of doing the right thing by avoiding harm; it is crucial to our security and prosperity here in the UK now and in the future.
The global net zero transition could be worth £1 trillion to UK businesses between 2021 and 2030. UK businesses are in the vanguard in recognising the opportunity. More than two thirds of FTSE 100 companies, and thousands of small businesses, have pledged to reduce their emissions in line with the 1.5°C goal under the Race to Zero campaign. More than half the signatories to that campaign are from the United Kingdom. Net zero is already an engine for growth and revitalisation of formerly deindustrialised areas in the United Kingdom. At COP28 we need to show progress in delivering the historic agreement that we landed in Glasgow, and we must use our UK expertise to scale green finance.
“the UK is unlikely to meet its NDC”.
That is not least because the committee calculates that just 28% of the required emission reductions for 2030 are covered by credible Government plans. She will know that targets without plans are cheap. What concrete plans do the Government have to urgently close that gap? Does she agree that we must see an ambitious outcome from the global stocktake, with significantly strengthened 2030 NDCs and new economy-wide targets by 2025 that see the richest countries going further and faster?
Does the Minister share my outrage over reports that the UAE plans to use its role as COP28 president to secure oil and gas deals? What assessment has she made of the impact of that on trust in the negotiations? Will she explain why the UK is pushing for the phase-out of unabated fossil fuels, rather than of fossil fuels in their entirety? Does she recognise the view of the High Ambition Coalition, which says that we cannot use abatement technologies to “green-light” fossil fuel expansion? How will she ensure that any agreement that includes language on abatement has real teeth, delivers real cuts in fossil fuel production, and does not simply allow for the continuation of business as usual?
The Minister will know that a properly resourced and operational loss and damage finance fund must be a litmus test for success at COP28, but there are reports that the Government will be contributing to that fund from their existing climate finance pot. Does she agree that we cannot tackle ever-increasing challenges from an ever-depleting pot of money? What plans do the Government have for new and additional finance? What innovative sources of finance are they looking at? What assessment have they made of the impact of the UK’s reclassification of climate finance on climate vulnerable countries? If the Government are serious about leading by example, will they finally reverse the greenlighting of the obscene Rosebank oilfield?
Does my hon. Friend agree that “vote blue, go green” is the best way to deliver net zero? Does she recognise that nature-based solutions are vital to achieve net zero? Does this not just show again that the Green party is all talk and absolutely no action?
Does the Minister think it is acceptable for the Prime Minister to sabotage the UK’s history of climate leadership with his cynical backtracking on net zero? Labour will be going to COP with a message that the UK can be a climate leader again and that, in doing so, we will cut energy bills and boost energy independence at home, which this Government have conspicuously failed to do. Labour will put the UK back in a position of leadership and establish a clean power alliance. We will pledge to issue no new oil, gas or coal licences and set an example with our mission for clean power by 2030. What example does it set if the current UK Government ignore the science and global consensus on fossil fuels, especially when the Energy Secretary admits that her policy will not even cut bills?
Labour will also be working for multilateral development bank reform to help developing countries access capital, as well as championing the UK as the future green finance capital of the world, with mandatory 1.5°C-aligned transition plans for FTSE 100 companies and financial institutions. Can the Minister tell me what the Government will be doing to advance that agenda?
There is so much more that the UK can and must do to reduce emissions and deliver energy security, to cut energy bills and to back British industry. With Labour, Britain would lead the world at COP. Labour is ready to lead; is the Minister?
Contains Parliamentary information licensed under the Open Parliament Licence v3.0.