Good afternoon. It is a pleasure to join you to close this vital summit.

I want to thank Richard Curtis and Make My Money Matter for hosting it.

As well as my friends and colleagues Mark Carney, and Nigel Topping for all the work they have done to get private finance going green.

The challenge the world faces today is critical and it is urgent.

When the countries of the world signed the Paris Agreement in 2015, they committed to limit global temperature rises to well below 2 degrees, aiming for 1.5 degrees, because the science showed that this would avert the very worst effects of climate change.

But since that Agreement was signed the world has not done enough.

And today, we find ourselves at a crunch point.

To keep the 1.5 degree target within reach, we must halve global emissions by 2030.

And we must reach net zero emissions by the middle of this century.

That requires action now.

We cannot kick the can down the road any further.

If we do not take this chance to keep 1.5 degrees alive, it will slip from our grasp.

And so will our best hope of building the future we want to see.

So COP26, the United Nations climate conference that will be held in Glasgow in November, must be the moment that every country, and every part of society, embraces their responsibility, to protect our precious planet.

And, very importantly, that includes finance.

Because without it, the task ahead is near impossible.

That is why one of my key aims for COP26 is to get finance flowing to climate action – both public and private.

And with $47trillion in pension funds globally, this sector plays a major role.

We need to get our savings for the future, shaping the future.

The good news is that there is not a choice to be made between private profit, and protecting the planet.

One needn’t be sacrificed for the other.

Because the economics have changed.

Today, green investments are smart investments.

In the majority of the world, renewables are cheaper than new coal and gas.

Putting your money in fossil fuels creates the very real risk of stranded assets.

And a recent report from Imperial College London found that, over the past five years and, indeed, the past ten years, renewable investments generated higher returns than fossil fuels in both advanced economies and emerging markets.

New global markets are also emerging to help people and nature adapt to the effects of our changing climate.

From drought resilient seed technologies, to energy efficient cooling.

Creating new investment opportunities for investors.

So it is not surprising that we are seeing progress.

One hundred and sixty financial firms have signed up to the Glasgow Financial Alliance for Net Zero, committing to reach net zero by 2050 at the latest, and to robust targets, based on the science, to get there.

This includes banks with balance sheets of nearly $30trillion.

Asset owners worth $6trillion.

Including major pension schemes, such as Aviva, BT Pension Scheme and the Church Commissioners of England.

And asset managers responsible for $37trillion worth of assets, which represents around 40 percent of the industry.

Ahead of COP26, I am urging all financial institutions to join them.

And commit to a net zero future.

As well as to taking four other key steps to protect our planet:

First, commit to exit coal finance.

So that, together, we make COP26 the moment we consign coal power to the past where it belongs.

Second, increase investments in climate action in developing and emerging markets.

Thirdly, protect nature.

By 2025 ensure none of your investments contribute to deforestation.

And by 2030 ensure your investments are contributing to the restoration of the natural world.

Finally, disclose your climate risk in line with the Taskforce on Climate Related Financial Disclosures, or TCFD.

This will become mandatory across most of the UK economy in 2023.

And the government will shortly introduce regulations on what this means for pensions, to ensure trustees take account of climate change risk in each and every decision.

There is a real advantage in getting your house in order. And early.

Awareness of the climate crisis is growing all the time, and consumers and shareholders increasingly want their investments to align with their values.

So, when they start to look at whether they should be moving their pension, give them the best possible reason to stay with you.

Show them that you have understood the urgency of the situation.

That you stepped up to the plate.

And that in this vital year for climate action, the year of COP26, you are playing your part in keeping 1.5 degrees alive.

Show them, in short, that by investing with you, they are investing in the clean, green and prosperous future we all want to see.

Thank you.

Announced in February, ARIA will empower some of the world’s most exceptional scientists and researchers to identify and fund transformational areas of research to turn incredible ideas into new technologies, discoveries, products and services – helping to maintain the UK’s position as a global science superpower.

The chief executive will shape the vision, direction and research priorities for the agency – independent of ministers – while instilling this high-risk, high-reward culture within the organisation from the outset.

Science Minister Amanda Solloway said:

Getting ARIA up and running is one of my main priorities, so I am delighted to see it take another step towards launching with the start of this recruitment round.

We want to recruit a chief executive who will provide the creative, inspiring leadership that the organisation will need – building an exceptional team and embedding the high-risk, high-reward culture to ensure that ARIA thrives.

The Bill currently before Parliament will also purposefully streamline the agency’s operating structure and minimise bureaucratic processes so it can focus all its efforts and resources on transformational research – essential to the agency’s design and ultimate success.

The UK has a long and proud history of inventing that dates back centuries, and the creation of ARIA will continue this tradition, backed by £800 million, to fund the most inspiring inventors to develop technologies at speed that could create profound positive change for the UK and the rest of the world.

The appointment will be an open and fair process, with all applications reviewed by an expert panel comprising the government’s Chief Scientific Advisor, Sir Patrick Vallance, BEIS’s Director General for Science, Innovation and Growth, Jo Shanmugalingam, former Director of DARPA, Arati Prabhakar, and Director of Stanford ChEM-H, Carolyn Bertozzi.

The recruitment campaigns for the chief executive starts today, and the recruitment of the chair will follow in the coming months. It is the government’s intention for both roles to be filled by the time the Bill to establish the agency is approved by Parliament.

If you would like more information or to apply, please visit the Saxton Bampfylde site.

Housing Minister Rt Hon Christopher Pincher MP has today (1 June 2021) announced a £1.1 million fund to test the use of digital tools and data standards across 10 local areas.

The planning white paper ‘Planning for the future’, published in August 2020, proposed reforms to the planning system to streamline and modernise the planning process.

The pathfinder programme will look at the digital transformation of local plans which will increase community involvement and speed up the planning process.

By introducing a digital system that makes plans map-based and accessible online, local people will be able to engage with planning in their local area, which will help get homes built quicker.

Councils will test how existing local plans translate into the new system, including moving away from long text documents to an interactive map with accompanying annotation document, and the adaptation of existing site allocation policies into the proposed land categorisation format.

This will enable planners to understand the impact of proposed land designations and associated policy implications on land allocations and inform a wide range of policies across the reform programme.

Community engagement will continue to play a key role for ensuring that the right levels of growth are identified to meet the needs of the community. In the new system digital tools will be key for making planning proposals more accessible and interactive, supporting the ambition for more effective community engagement.

Housing Minister Rt Hon Christopher Pincher MP said:

We are moving away from notices on lamp posts to an interactive and accessible map-based online system – placing planning at the fingertips of people.

Today’s announcement will ensure the planning process will be brought into the digital age. Communities will be reconnected to a planning process that is supposed to serve them, with residents more engaged over what happens in their areas.

While the current system excludes residents, who do not have the time to contribute to the lengthy and complex planning process, local democracy and accountability will now be enhanced by technology and transparency.

Local Government Association Chairman Cllr James Jamieson said:

Councils want communities to be able to shape and define the area they live in, and support measures to enhance public participation in the planning process through a more digital service.

This will help to make the planning system more accessible and efficient, and we look forward to working with government to ensure that all residents can engage in the planning process.

Cllr David Ritchie, Cabinet Member for Planning and Coastal Management at East Suffolk Council said:

East Suffolk Council is extremely pleased to be selected as one of 10 local authorities to test how existing local plans can adapt to a new approach.

We welcome this opportunity to engage directly with MHCLG and other local authorities to assist in informing and shaping a more digitised and interactive local plan process. We hope that this will not only increase community participation but will also speed up the planning process.

The 10 bids from local councils to be selected are:

1. Newcastle City Council and Gateshead Council
2. Stratford upon Avon District Council and Warwick District Council
3. Plymouth City Council, South Hams District Council and West Devon Borough Council
4. Dacorum Borough Council
5. Broxbourne Borough Council
6. Birmingham City Council
7. East Suffolk Council
8. London Borough Hounslow
9. Royal Borough of Kensington and Chelsea
10. Ashford Borough Council

Bringing planning into the digital age will provide a range of exciting opportunities for PropTech companies to innovate and bring forward new ideas.

This project will build on the work of the United Kingdom government that has helped millions of people continue to provide for their families as part of its Plan for Jobs to protect, support and create employment.

The planning white paper committed to working with local authorities to test the proposals, and the use of digital to help.

Conversion of Local Plans

Local councils will test how existing local plans translate into the new system, including moving away from long text documents to an interactive map with accompanying annotation document, and the adaptation of existing site allocation policies into the proposed land categorisation format.

This will help us to understand the impact of proposed land designations and associated policy implications on land allocations, inform a wide range of policies across the reform programme and help to provide evidence for our work on local plan data standards and structural templates.

Data standards and site selection

Data standards within local plans are key for increasing accessibility, transparency and improved decision-making in the planning process and wider planning sector. Local authorities are going to work, with the support of MHCLG, to develop and test data standards through the site selection process.