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In a speech at Kew Gardens on Monday, British Foreign Secretary David Lammy spoke about how the British government will realign its priorities to commit to green initiatives and tackling climate change.
Lammy specified that the government will establish GB Energy to transition to clean and renewable energy, accelerate the transition to decarbonization and unlock capital to channel into green finance.
“The threat may not feel as urgent as that of a terrorist or an imperialist autocrat, but it is more fundamental. It is systemic, pervasive and accelerating towards us,” Lammy said.
Lammy said climate finance was critical to supporting the Global South, which has been disproportionately affected by climate change. He explained that at COP29 the UK would commit to an “ambitious new climate finance target with a focus on developing countries”.
Demonstrating the UK’s commitment to green finance, Lammy explained that the UK will invest in multilateral development banks such as the IBRD and the Asian Development Bank, which will open climate finance funds in the region.
Lammy commented: “We must not only stop the decline in global biodiversity, but reverse it.”
To protect global biodiversity, Lammy said more funding would be directed toward water and nature research programs and progress would be made toward halting biodiversity loss by 2030.
The Labor government is sticking to its promise to halt the decline of nature. Earlier this year Work promised If elected, it aims to protect 30% of nature and water by 2030 and create a new framework to protect biodiversity and improve UK environmental policy.
Biodiversity and natural capital are key themes at this year’s Sustainable Finance Live conference, taking place on October 8th in London. To register and view the agenda, click here.