I will address Amendment 119, which was tabled by the noble Lord, Lord Lea of Crondall. I thank him for his time last week and also briefly earlier today. There is a
lot of crossover in this debate between what we are discussing now and the debate led by the noble Baroness, Lady Bennett, in Committee, where we talked about GDP and its uses, weaknesses and shortcomings.
We agree that domestic accountability is important. As the noble Lord knows, the Climate Change Act 2008 already commits us to reaching net zero by 2050 and the forthcoming net-zero strategy will set out our plans for transitioning to a net-zero economy across all departments of government. We are considering the most appropriate way to monitor the delivery of the decarbonisation measures set out in the strategy. We are also encouraging private firms to disclose their climate impacts to investors and the public and to set out how they will achieve net zero by 2050 or before. It is at a much earlier stage, but we are doing what we can to accelerate moves by the private sector to identify, with a view to disclosing and then minimising, the risk to environmental harm generally, not just carbon.
Bringing other countries with us is obviously vital. In 2019, the Prime Minister committed to doubling our international climate finance to £11.6 billion until 2025. That will help developing countries to make the transition to low-carbon and climate-resilient development and more nature-positive economies.
The proposed statistic in the amendment can, I am told, already be computed using publicly available ONS data and OBR forecasts of economic activity, together with the data published in the Government’s greenhouse gas inventory. The noble Lord made the point very well that a simple relationship between economic growth and emissions is, in itself, insufficient to assess progress towards emissions targets and is not necessarily the best metric by which to compare every nation’s progress towards decarbonisation. Ultimately, we need to break the link between GDP and emissions, the use of scarce resources and extraction generally. To some extent the UK’s record in recent years demonstrates that that is possible, as the noble Lord, Lord Whitty, pointed out, but in a narrow sense relating purely to emissions. We have not yet demonstrated that in relation to use of natural resources and our wider impacts on the natural environment, but we must.
I assure noble Lords that we are carefully considering the links between economic growth and the environment. The independent Dasgupta review highlights how economic growth and activity has damaged nature and will continue to do so unless there is a substantial change, one that involves ensuring that we learn properly to value essential things such as natural systems—nature—and those things we depend on, and attach a cost to waste, pollution and plunder. The Government agree with the Dasgupta review’s central conclusion: nature and the biodiversity that underpins it is profoundly important to all of us and sustains our economies, livelihoods and well-being. We are actively supporting and developing tools to drive sustainability in the finance sector, including as part of our response to the Dasgupta review. Over the past three decades, we have driven down emissions by 44%, which is the fastest reduction of any G7 country—I am not sure that the noble Lord, Lord Whitty, provided the figure, but he was hinting at it. At the same time, we saw economic growth and set some of the most ambitious targets in the world for the future, while driving forward net zero
globally through our COP 26 presidency and associated diplomacy. We have an enormous amount more to do. The noble Lord makes an important point: we need to be able to measure and understand. I hope he accepts that that work is under way and I ask him to withdraw his amendment.