Environmental Programme: COP 26 - Question

Part of the debate – in the House of Lords at 3:02 pm on 9th March 2020.

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Photo of Lord Goldsmith of Richmond Park Lord Goldsmith of Richmond Park The Minister of State, Department for International Development, The Minister of State, Department for Environment, Food and Rural Affairs, Minister of State 3:02 pm, 9th March 2020

As I rose to answer my noble friend’s question, I was told that her second point is being considered by the Government as we speak. On her first point, she is right that investment in energy efficiency and so on lends itself absolutely to pension funds, not least because it offers the kind of long-term, low-risk, medium-return investment that is exactly what they tend to favour. I do not believe that the mechanism for deploying huge amounts of private finance of the sort that we will need if we are to solve these problems exists to channel enough money into environmental solutions, but there are enough examples of what that mechanism might look like so that, by the end of this year, we as a country will be able to demonstrate real leadership in deploying the levels of private finance that we will need.