Excerpts from Rt Hon John Glen MP, Chief Secretary to the Treasury, speech today on why and how we can mobilise resources and rewire the global financial system for a sustainable, prosperous future.
“our vision for the environment is an economic vision.”
“public funds alone will not be sufficient to close the biodiversity gap of $700bn.”
“We plan to build on TCFD requirements with new economy-wide Sustainably Disclosure Requirements, or SDR, which will see businesses reporting on how they impact and are impacted by climate and the environment. SDR will also incorporate the global baseline standards for sustainability reporting being developed by the International Sustainability Standards Board.”
“The estimated stock of UK natural capital has most recently been valued at £1.8 trillion, though this is likely an underestimate. And with the global stock of natural capital per person having declined by nearly 40% between 1992 and 2014, we must invest in and maintain it.
Alternatively, failing to act risks long-term prosperity, with around 54% of global GDP being moderately or highly dependent on nature.”
Our climate emergency, biodiversity collapse and collective impact on our biosphere are linked. This speech highlights the scale and speed at which we need to act. And, while it points to 54% of global GDP as being linked to nature, it is quite clear what would happen to the remaining 46% if we don’t act.