In a speech at Kew Gardens on Monday, UK Foreign Secretary David Lammy addressed the government’s plans to realign its priorities towards green initiatives and combat climate change.
Lammy announced that the government will establish GB Energy to facilitate the transition to clean and renewable energy while accelerating decarbonisation and unlocking capital for green finance. He emphasized the importance of addressing climate change, stating, “The threat may not feel as urgent as a terrorist or an imperialist autocrat, but it is more fundamental. It is systemic, pervasive and accelerating towards us.”
Highlighting the significance of climate finance for the Global South, which has been disproportionately affected by climate change, Lammy noted that the UK will set an “ambitious new climate finance goal focused on developing countries” at COP29. To further demonstrate the UK’s dedication to green finance, he mentioned investments in multilateral development banks, such as the IBRD and Asian Development Bank, aimed at enhancing climate finance in those regions.
Additionally, Lammy stated, “We must not just halt but reverse the decline in global biodiversity.” To safeguard biodiversity, he indicated that more funding will be allocated to programs focused on water and nature research, with the goal of mitigating biodiversity loss by 2030.
The Labour government has committed to addressing nature decline. Earlier this year, Labour pledged to protect 30% of nature and water by 2030 if elected and to establish a new framework for biodiversity preservation and improved environmental policy in the UK.
Biodiversity and Natural Capital are central themes at this year’s Sustainable Finance Live conference, scheduled for October 8 in London. For more information and registration details, visit the conference agenda.