Lammy stated that the government will establish GB energy to shift to clean and renewable energy and accelerate the decarbonisation transition, and unlock capital to channel into green finance.

“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,” said Lammy.

Lammy said that climate finance is vital in supporting the Global South, that has been disproportionately impacted by climate change. He outlined that the UK will commit to an “ambitious new climate finance goal focused on developing countries” at COP29.

Demonstrating Britain’s commitment to green finance, Lammy outlined that the UK will be investing in multilateral development banks, such as IBRD and Asian Development Bank, that will open funds for climate finance in that region.

Lammy commented: “We must not just halt, but reverse the decline in global biodiversity.”

To protect global biodiversity, Lammy stated that further funding will be channeled into programs for water and nature research, and progress will be made to mitigate biodiversity loss by 2030.

The Labour government is acting on its promise to halt nature decline. Earlier this year, Labour pledged to protect 30% of nature and water by 2030 if elected and to create a new framework to protect biodiversity and improve the UK’s environmental policy.

Biodiversity and Natural Capital are key themes at this year’s Sustainable Finance Live conference, that will take place on October 8 in London. To register and view the agenda, see here.