Government Overseas Aid Commitment: Private Investment

Part of the debate – in the House of Commons at 4:39 pm on 9th October 2018.

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Photo of Mary Creagh Mary Creagh Chair, Environmental Audit Committee, Chair, Environmental Audit Committee 4:39 pm, 9th October 2018

The global goals seek to end poverty, violence and hunger in all their forms in this country as well as overseas. The figure of 0.7% of gross national income on development assistance should be a floor, not a ceiling. Although I have some sympathy with the accounting issues that the Secretary of State is dealing with in terms of the reinvestment of any profits, I seek a guarantee from her that any investments that we make with that budget—either through the World Bank or the Asia Infrastructure Investment Bank—are climate-neutral and environmentally friendly. I also say to her that not a single pension trustee in the country will invest overseas if they think that their investment is going to displace Government investment.