Speeches by Billington.

“Do you think they are taking any notice?”

“The UK’s NDCs in the most recent carbon budget and growth delivery plan show an alignment between the Climate Change Committee’s independent science-led recommendations and UK policy. It sounds like the CCC and the UK Government might be aligned but are they sufficient in and of themselves to be able to meet the NDCs?”

“It has to bung some cash to poorer countries?”

“One of the things that Carbon Tracker has said is that the London Stock Exchange has a relatively high proportion of unusable fuel reserves compared to other financial markets, which therefore jeopardises the UK’s climate leadership aspirations. London’s exposure to the fossil fuel market comes into even sharper relief…”

“On how the financial system is working at the moment, are we making the most of it to be able to meet the Government’s climate ambitions? Professor Sutton, if you would not mind answering that question on meeting the science, but I will go first to Dr Zhang and Dr Grant.”

“Do you feel that the UK is contributing its fair share to the global stocktake for the next round of NDCs?”

“Dr Zhang, in that context, we have a Government that claims that they have restored Britain’s global climate leadership. Do you think that is true?”

“There is still a gap between our ambition and our delivery?”

“Neil, I would like to ask you a question about the nationally determined contributions. Do Britain’s NDCs strengthen or weaken the UK’s climate leadership globally?”

“Great, thank you. Professor Sutton, I think you would like to come in.”

“It is because that is what they know, isn’t it? You are a trade specialist. You will know better than I do how people work with reliable income streams, profit margins and so on. If we know that this is an existential threat to the financial services sector itself, as well as the people who work in it, why are they sti…”

“My point is that the ongoing crisis with the Strait of Hormuz has a huge, long-term impact in different ways across different economies, but we will not be unimpacted here by inflation, economic threats and so on. Therefore, it seems to me that there is an argument for greater collaboration on energy securitisation, ar…”

“Great, thank you. Professor Sutton, I think you would like to come in.”

“They will keep dancing because they have enough cocktails to keep fuelling them for now?”

“My point is that the ongoing crisis with the Strait of Hormuz has a huge, long-term impact in different ways across different economies, but we will not be unimpacted here by inflation, economic threats and so on. Therefore, it seems to me that there is an argument for greater collaboration on energy securitisation, ar…”

“Do you see that as a valuable thing that coalitions of the willing could do?”

“Eliot?”

“Following on from that idea that things bubble up in these slightly more informal situations, we have been talking for two hours about international climate change and nobody has mentioned the Strait of Hormuz. No one has mentioned the war in Iran. No one has mentioned the oil and gas crisis as a consequence of Ukraine…”

“Like you say, you have the UNFCCC. It is very much a formal process. What is the role of a coalition of the willing, like that convened at Santa Marta, to accelerate action? What is its relationship with the UNFCCC?”

“Rogier, what do you think?”