17:00 Dr Matthew Offord (Hendon) (Con)

Beyond trade, Sri Lanka has an endless opportunity for the UK to invest. A long-standing and personal interest of mine is the environment and climate change, particularly investment in sustainable energy sources. I know from discussions with the former governor of the Central Bank of Sri Lanka that overall investment in climate-related projects in Sri Lanka is lacking, despite Sri Lanka having ambitious targets for transitioning to a green economy.

As a small island and a developing nation, Sri Lanka is acutely at risk when it comes to climate change and rising sea levels. There is a perfect opportunity for the United Kingdom to invest in something that is in the interest of us all: protecting the planet for future generations. Without the correct financial support, countries such as Sri Lanka will not be able to achieve the sustainable development goals set out in 2015. I know the Minister is passionately concerned about this area.

I am delighted that this Government have made a fantastic start on this. Through the UK’s climate action for a resilient Asia initiative, the FCDO has partnered with the United Nations Development Programme and the Sri Lankan Ministry of Finance to implement the Climate Finance Network. The network will focus on climate change-aligned budgeting and increasing direct access to international climate change finance. Importantly, it will also focus on ensuring peace and reconciliation in the country, which I will touch on in a minute. Will the Minister update the House on the progress of the Climate Finance Network and on what discussions the Department has had with the high commission in Colombo on helping Sri Lanka secure its climate future?

I believe that more can be done in terms of direct investment, particularly in areas such as renewable energy. Some 98% of Sri Lankan households are dependent on an already unreliable national grid. The Ceylon Electricity Board is being unbundled into 14 units, and foreign support is required in the form of capital and technological knowledge.

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