I’d like to start by thanking B4NZ and BNP Paribas for holding this timely event today. It is such a critical moment in the global transition to net zero. The partnership of Government and the private sector are going to be absolutely crucial, to give us a chance of  meeting the 2050 goal.

Britain has pulled its weight on the international stage, but we clearly do not do enough to harness our global expertise in financial markets to help support the fight to speed up the sustainable transition.

Whilst the UK has made some good progress in  emission reduction, the Climate Change Committee report outlined that the pace of reduction has declined over the past 18 months.

The previous government took its eye of the ball. Exempting 20% of households from the 2035 fossil-fuel boiler installation phase-out, removing obligations on landlords to improve the energy efficiency of rented homes and scrapping the 2030 phase-out of new fossil-fuel car and van sales all stalled progress towards net zero.

We are now only six years away from our first, headline, target to be on track to meet net zero. The 68% reduction in emissions compared to 1990, as set out in the Paris Agreement, was never going to be a straightforward ambition to meet.

We should take pride in the fact that we have halved our emissions against 1990 levels, but it is also necessary to redouble our efforts and so, I am glad that this new Labour government is picking up the pace.

Seeing the last coal-fired power plant shutting down earlier this year was a hugely symbolic moment.

And there have been other welcome signs that the government is serious about increasing the pace of change needed.

The appointment of Chris Stark as head of Mission Control, and it was welcome that during a really challenging budget settlement last week, the Department for Energy Security and Net Zero received a 22% increase in its funding from the Treasury.

Clean power by 2030 is, of course, only part of the story. And achieving net zero whilst battling a very difficult post COVID financial backdrop will only be achieved by harnessing government spending, industry leadership and private sector investment having confidence in the stability of the investment outlook.

The Climate Change Committee has called for £50 billion investment between 2030 and 2050. The private sector has a huge role to play in averting climate catastrophe.

Following the general election of this year, I hope that we are entering a new phase of political stability. Business can once again be confident in the policy direction and the intent of government.

The new National Wealth Fund will see the introduction of £7.3 billion in public capital – presenting a massive opportunity to crowd in private investment to green infrastructure and net zero boosting projects.

These green shoots must be followed up with a renewed focus on the financial tools needed to help the private sector step up on climate – be that through green bonds, carbon pricing or doing the hard work of developing the relationships needed to get public-private partnership investment off the ground.

The climate crisis is not faced by the UK alone. We must act globally. The breakthroughs at COP 16 on a global levy for biological information and the incorporation of indigenous communities into UN decision making are positive outcomes. However, the lack of movement on a financial strategy, or the failure of wealthier nations to deliver on $20 billion dollars of support to be allocated to developing nations by next year, to tackle environmental decline, is hugely disappointing.

We should mobilise the expertise held in the city and be proud of Britain’s strengths in this field. The UK is uniquely placed to develop these market opportunities.

There is much more we could be doing. The groundbreaking Dasgupta Review shone a light on the value of nature and the services it provides. Government and financial institutions have a role to play in directing private finance in ways that enhances, and not harm, nature.

I was heartened to see that the Secretary of State was going to personally lead the UK’s delegation in Baku negotiations. It is essential that we see progress, including on a new goal of $600 Billion of private investment on climate per year – as recommended by the UN.

The Environmental Audit Committee has produced impactful reports exploring the role of green finance. And, whilst the focus of future enquiries will be set out shortly, I know my committee will continue to play its part in holding the government’s record on sustainable finance to account.

There is much to be hopeful about as this new government finds its feet and removes any ambiguity that action on climate is a priority.

Everyone in this room has their part to play.