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1139884
registered interest false more like this
date less than 2019-07-17more like thismore than 2019-07-17
answering body
Department for International Development remove filter
answering dept id 20 more like this
answering dept short name International Development more like this
answering dept sort name International Development more like this
hansard heading Developing Countries: Climate Change remove filter
house id 1 more like this
legislature
25259
pref label House of Commons more like this
question text To ask the Secretary of State for International Development, what plans he has to investigate alternative sources of climate finance from (a) public and (b) private sources. more like this
tabling member constituency Dundee West more like this
tabling member printed
Chris Law more like this
uin 278526 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2019-08-05more like thismore than 2019-08-05
answer text <p>Delivering the global transition to a low carbon economy will require unprecedented levels of investment from the public and private sectors. The Government is fulfilling our pledge to deliver £5.8 billion between 2015/2016 and 20/21. In addition to investing our own resources, the Government continues to press multilateral organisations to help countries tackle climate change through providing finance. The Multilateral Development Banks have an important role to play, and in the last year the World Bank has set new targets for the proportion of its finance which contributes to low carbon, resilient development. In 2018, 70% of World Bank projects include some climate benefits, up from 37% just two years ago.</p><p>Private finance is crucial, and the Government uses some of its climate finance to unlock investments from the private sector. To date, we estimate that the UK has leveraged £910 million of private investment. CDC and the Private Infrastructure Development Group (PIDG) have a key role in crowding in other investors and demonstrating that investment in low carbon, resilient development is possible. CDC has invested over $500 million in renewable power over the last 2 years, and PIDG $300 million.</p><p>The recently published UK Green Finance Strategy outlines how we will position the UK at the forefront of this global shift, catalysing the investment needed to transition to a net zero economy.</p>
answering member constituency Pendle more like this
answering member printed Andrew Stephenson more like this
question first answered
less than 2019-08-05T16:18:03.287Zmore like thismore than 2019-08-05T16:18:03.287Z
answering member
4044
label Biography information for Andrew Stephenson remove filter
tabling member
4403
label Biography information for Chris Law more like this