As I have already noted, we are working with Egypt, as the incoming holder of the presidency, and other partners to ensure that countries deliver on the commitments that they signed up to in the Glasgow climate pact. We want to ensure that there is progress on adaptation, finance and, of course, support for developing nations, and we need to ensure that all countries revisit their 2030 emission reduction targets.
At a local level across Keighley and Ilkley we have experienced the real impacts of climate change, including flooding in Utley, a landslide in Riddlesden, and severe water issues along Redcar Lane in Steeton. As we look to build on the deal achieved at COP26 last year, how will we work with international partners to make real progress on adapting to the damaging effects of climate change?
A number of colleagues have raised the IPCC report, and my hon. Friend raises a vital point. The report was a grim reminder to the world about climate change and how it is affecting our planet. What it underlines, and this is what we are doing through our presidency, is working with parties to ensure that there is faster progress on adaptation—particularly on finance, with the commitment to double adaptation finance. Domestically, we are putting in place robust measures, including £5.2 billion to tackle coastal erosion and flooding in the UK.
One of the great successes of our COP presidency was the amount of private capital dedicated towards net zero. It increased from $5 trillion to a staggering $130 trillion. How will my right hon. Friend keep up that momentum?
As my hon. Friend highlights, net zero has become one of the clearest financial trends. I pay tribute to Mark Carney and his whole team for establishing the Glasgow Financial Alliance for Net Zero, to which she refers. I hope that during this year additional private capital will sign up to that alliance. Part of the work of GFANZ is to ensure that some of the funds are directed towards climate resilience projects in developing nations. We are working with GFANZ and other partners towards that objective.
It is vital that the UK seizes the opportunities of net zero to create new industries and green jobs. How is the President of COP26 prioritising skills to help the United Kingdom and the world to achieve our ultimate goal?
My hon. Friend is right to link achieving net zero with jobs creation. Of course, as we build these new green industries, it will require equipping workers with the right skills. I congratulate him on the hard work that he did in ensuring an award from the UK Government of £380,000 to Borders College in his constituency to develop green courses in entrepreneurship and carbon literacy. I look forward to visiting the college with him next week.
Holly Mumby-Croft
My right hon. Friend has committed to getting the Santiago Network on loss and damage running to provide concrete solutions. Will he provide a further update on that?
Work on the Santiago Network is under way. Submissions are being requested from parties. As my hon. Friend knows, it is a two-year programme. We want to ensure that by the end of the year, and by COP27, we have operationalised the Santiago Network, and that there is funding available to provide technical support to countries that need it.
I thank the President for attending the meeting on small island developing states recently; they really appreciated that. If global warming is kept at 2°, we will lose 99% of our coral reefs; if it is at 1.5°, we will lose 70%. It seems particularly appropriate, with COP27 being held in Sharm el-Sheikh, that that should be a priority. Could the President tell us whether it will be?
It is absolutely a priority. The hon. Lady makes particular reference to support provided for adaptation, and as I said we reached a commitment at COP26 for developed nations to double the amount of money going towards adaptation finance by 2025. I want to ensure that we are on trajectory by the time we get to Sharm el-Sheikh.
Reuters reports today that data show that the corporate world remains far from aligned with global climate goals and that some countries have gone backwards since the agreement. What does the President have to say to that?
There is clear recognition within the private sector that net zero is the right approach. It is obviously what customers and clients want, but it is also good for the bottom line. My hon. Friend the Member for Kensington (Felicity Buchan) referred to $130 trillion of assets being committed to net zero, and we need to ensure that those commitments are in line with the science. That is one of the things that the UN Secretary-General is looking to do through his expert group.
The Glasgow climate pact and, indeed, the COP26 priorities contain a commitment to keep 1.5° alive, yet the UN Environment Programme production gap report warns that Governments plan to produce more than twice the amount of fossil fuels in 2030 than is consistent with 1.5°. Real climate leaders do not license new oil, gas or coal and no amount of climate checkpoints will change the climate reality. Will his Government scrap their checkpoint as inconsistent with climate leadership and rule out new fossil fuel licences once and for all?
We put forward a plan for how we wanted to ensure that our climate compatibility checkpoint was consistent with our legally binding commitment to net zero by 2050. That consultation closed on Monday. I hope that the hon. Lady responded to it and I know that the Department for Business, Energy and Industrial Strategy will come forward with its views on the checkpoint in due course.