Baroness Coffey (Con)

My Lords, it is really important that we have private market solutions as a key way of delivering what we are trying to achieve. At risk of this becoming a Second Reading speech or of it being accused of that, I just want to go back a few years. The first green strategy did not mention nature at all. That was back in 2019. Then we produced the road map for sustainable investing. I managed to get in on the act when I was at DWP by talking about how pension funds should get involved in this; we had already introduced TCFD, and I hope we can get TNFD going. Then there was the green finance strategy in 2023. It is not only for what we need to do in this country; it is the whole concept of private finance being a fundamental partner to making nature restoration real. Whether it is the GBF or the other aspects of international environmental treaties, the United Kingdom has repeatedly been at the forefront of making sure that private finance and markets are a fundamental way of achieving this. The noble Lord, Lord Curry, is looking at me in disbelief. I am not sure if that is because I have misunderstood his amendments, or perhaps he is just surprised that I am so supportive. Nevertheless, the current Administration have also talked about the importance of private finance coming in. There is a real fear that quite a lot is going on that will kill the private nature markets and reduce land being made available, such as for BNG—this is novel, which is why it is coming up again. I am really concerned in a variety of ways that if we end up with just a state-led solution, we will fail. The advantage of the amendments that the noble Lord, Lord Curry, has tabled is to be very clear in this legislation that it must be considered and involved. While I appreciate that we may get, dare I say, warm words, as with much previous environmental legislation, if it is in the Bill and becomes part of the Act, then the Government will do something about it. If it is not, they will not necessarily do it, and they may resort to then apologising, perhaps years later, when it has not quite worked out how they had hoped. The market was growing. It is still nascent to some extent and has got moving, but it is now having a bit of cold feet, and we do not want it to be enveloped by the Himalayan balsam or anything else, such as the ground elder, which is the worst in Hampshire. Therefore, we need to make sure we get that market thriving and not declining.