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<p>The Government is committed to better understanding and addressing this issue.
We are working with financiers and partners to take action in a number of ways.</p><p>
</p><p>In 2018 BEIS, DFID and DEFRA ministers commissioned the UK’s Global Resource
Initiative (GRI), an independent taskforce through which over 200 leading UK companies,
NGOs and financiers, on 30<sup>th</sup> March, published recommendations for how the
UK can mitigate the environmental footprint of its deforestation-risk supply chains
and investments. The Government is now considering these recommendations as a matter
of priority</p><p>The Government’s Green Finance Strategy also included an expectation
that listed companies and large asset owners should, by 2022, disclose information
on the climate impact of their activities in line with recommendations from the Taskforce
on Climate-related Financial Disclosure (TCFD). The government has established a process
with the relevant regulators to explore the most effective way to approach climate-related
financial disclosure in the UK, and this includes considering whether it would be
appropriate to make reporting mandatory</p><p>In order to help financiers and supply
chains actors better understand their role in global deforestation and habitat loss,
the UK directly funds and supports technological solutions to bring greater transparency
to deforestation-risk investments such as the Global Canopy’s Forest 500 Report and
TRASE tools. We also support efforts to find new ways of accounting for the risks
and value of natural capital, which is a key focus for the Treasury’s Dasgupta Review
on the Economics of Biodiversity</p><p>We recognise that this is a global problem
which requires strong partnership with other countries. The UK has committed over
£200m in climate finance to Brazil to date (2016-2021), including to support community,
business and local-government-led initiatives to tackle deforestation and prevent
habitat destruction. These initiatives help strengthen forest governance, increase
the value of Brazil’s standing forest, incubate forest friendly business models, and
harness sustainable forms of private sector investment. On Friday 5th June, we announced
a further £64m of support to protect tropical rainforests in Colombia against deforestation</p><p>As
COP26 President we are also working with our international partners to green local
and international supply chains for foodstuffs and key commodities and increase the
alignment of financial flows with net-zero and the Paris Agreement objectives.</p>
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