Source · Select Committees · Environmental Audit Committee
Recommendation 8
8
Paragraph: 35
For the Government to make good on its support for environmental sustainability to be at...
Conclusion
For the Government to make good on its support for environmental sustainability to be at the heart of global production and trade, it needs to mainstream biodiversity considerations more consistently into its trade agreements and operations. Leaving the European Union has provided an opportunity to promote the highest environmental and social standards in trade. We welcome Ministers’ willingness to use future trade agreements as market signals for sustainably produced commodities and their support for considering the environmental impacts of agreements. We also welcome the Government’s leadership in establishing the Wildlife Financial Taskforce.
Paragraph Reference:
35
Government Response
Acknowledged
HM Government
Acknowledged
To ensure that the post-2020 global biodiversity framework drives global action, it is essential that it is supported by an uplift in financing for nature. Mobilising resources from all sources (public and private), and at all levels (domestic and international) will be vital to securing global agreement of the framework, as well as supporting implementation of the goals and targets. towards activities that protect and restore nature. It also means changing existing flows of finance to eliminate those that do harm to nature and shift towards nature positive investments. The GEF was adopted in 1996 by all Parties as the financial mechanism for the Convention, as set out in Article 21. The GEF has consistently performed well in Project Completion Reports (PCRs) of previous replenishments consistently scoring A for the programme overall. It was judged “good” for both its fit with UK development objectives and for its organisational strength in the most recent Multilateral Development Review. GEF has a strong, consistent track record in achieving good project performance with 80% of all projects achieving expected outcomes. The GEF8 replenishment is currently being negotiated for the period 2022–