16:33 Rishi Sunak (Conservative)

I have just returned from the G20 summit in India. For the record, let me declare that, as is a matter of public record, I and my family are of Indian origin, and my wife and her family are Indian citizens with financial interests in India. At the summit I had three aims: first, to increase diplomatic pressure on Russia and call out its shameful disruption of global food supplies in the Black sea; secondly, to show the world that democracies such as the United Kingdom, not authoritarian regimes, are leading the fight on global challenges such as development and climate change; and thirdly, to strengthen ties and forge new partnerships to deliver jobs, growth and security for the British people.

We are also leading calls at the G20 to safely harness new technologies to support growth and development, and we are leading action to tackle climate change. While some in Westminster denigrate the UK’s record on climate issues, out there in the world we are rightly seen as a global leader. We have cut emissions faster than any other G7 country, with low-carbon sources now providing over half our electricity. We are providing billions for the global energy transition, including through our pioneering Just Energy Transition Partnerships. And at the G20 I made a record commitment of over £1.6 billion for the Green Climate Fund—the single biggest international climate pledge that the UK has ever made.

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16:42 Keir Starmer (Labour)

The G20 summit in India was a real opportunity to see progress on key global issues, by condemning Russia’s illegal war in Ukraine in no uncertain terms and making solid commitments to boost growth and renewable energy capacity around the world. I am afraid therefore that the joint declaration from the weekend is disappointing. As Russian drones resumed attacks on Kyiv, it is disheartening to see language weaker than the G20’s condemnation of Moscow at last year’s summit in Bali. On this issue, the House speaks with one voice: there is no ambiguity; we all agree that this is an unjust, illegal war against Ukraine. I join the Prime Minister in saying that Britain and our NATO allies will remain committed in helping Ukraine defeat Putin.

The right hon. and learned Gentleman went on to raise the announcement about the partnership for global infrastructure and investment. What he failed to mention in his criticism was that that initiative—the PGII—was created by the UK under our G7 presidency. Far from being something that we are not part of, we were the ones who made sure that we were there at its inception. Again, he is, as ever, jumping on the latest bandwagon that he can find. The PGII initiative will contain a range of different projects. This particular one was also not signed by Canada, Japan or Italy, for example. Each and every country will participate in a range of projects. What did we do to make our contribution? As I said, we made the single largest pledge this country has ever made to the green climate fund. Why? Because it is important that we play our part in helping countries make the transition to net zero—something that we have led on previously and, because of that commitment, we will continue to lead on.

We have heard a lot of PR and spin today, and I am sure we will hear a lot more. As ever in this game, what the Prime Minister is not saying is almost as important as what he is saying. The Leader of the official Opposition raised the case of President Biden’s announcement. Can the Prime Minister tell us what part of those projects his Government are involved in? They are worth more than any FTA that we could sign, and will leave Brexit Britain on the global sidelines yet again if it is not fully involved. That is on top of the United States’ inflation-busting and reduction Act tackling climate change.

I welcome the language in paragraph 50 of the G20 communiqué about building a bigger World Bank. The truth is that we need to triple the lending of multilateral development banks if we are to mobilise the climate finance that the world now needs, and we cannot do that simply by building a better World Bank; we need to build a bigger World Bank. In the United States, President Biden is asking Congress to support a capital call and boost the balance sheet of the World Bank. Why is the UK, one of the founders of the World Bank, not leading the same argument? We could even use the money we are getting back from the European Investment Bank, and the Prime Minister, if he so chose, could call it a Brexit dividend. The world leads a bigger World Bank now, and the UK should be leading the case.

I welcome the African Union as a permanent member of the G20. Africa is one of the fastest-growing economies in the world and it is important that her voice is at the table discussing major global issues such as climate change, security and economic stability. My own country of origin, Nigeria, is one of the largest in Africa; it has over 223 million people, which is rising daily. Can the Prime Minister outline what steps his Government are taking towards a strategy for the continent?

I thank the hon. Lady for her excellent question and join her in saying that we were delighted to agree the African Union’s membership of the G20. She is right to highlight the increasing importance of Africa in global affairs. Over the next decade or so, Africa’s population will double to 2.5 billion people, with 60% of them under the age of 25. Also, Africa contributes just 4% of global emissions but is home to 35 of the 50 countries most at risk from climate change, so it is important that we are engaged and supportive. I can tell her what we are doing. Now that we have left the European Union and are in charge of our trade policy, we have changed our tariff structure so that 98% of goods imported into the UK from Africa will enter tariff-free. We are making sure that our just energy transition partnerships help countries such as South Africa with their transition, mobilising billions of dollars of support. Next year, we will be hosting the Africa investment summit with over 20 different countries, because the UK, as measured by foreign direct investment, is the largest investor in the continent.

In an ever more dangerous world, having allies and partners is really important, and trust is so important in keeping those allies. I thank my right hon. Friend for the commitment he made on climate change. It was a commitment we gave in Glasgow at COP, and this shows that Britain is a country that keeps its promises. Would he like to share examples of how that money will be spent, how it will make our allies and partners stronger and how that will help to strengthen our own security here in the UK?

I thank my right hon. Friend for all her work in this area. She is right: it is important that we meet our commitment to £11.6 billion of international climate finance, and this particular investment will ensure that we do that. It was warmly welcomed by partner countries at the G20. She will know that the importance of giving money through this multilateral fund rather than bilaterally is that it can be leveraged multiple times, so every pound that we contribute will be able to be used multiple times more and attract more capital. In that way, we are helping to fund hundreds, if not thousands, of projects across the world and I know that the countries that benefit from them are extremely grateful for our support.

The policy did change and we stopped providing traditional development aid to India in 2015. Most UK funding is now in the form of business investments which not only help India reduce carbon emissions and address climate change, but deliver jobs and opportunity for British companies here at home.

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