The trade agreement reached with Australia will not include an Investor-State Dispute Settlement mechanism. The Government stated at the outset of negotiations that it would ensure the right to regulate in the public interest continues to be protected in a trade deal and this has been delivered.
More broadly, I welcome the fact that the agreement will include a dedicated chapter on trade and the environment. This will contain provisions encouraging trade and investment in environmental goods and services which support shared environment objectives. For the first time, Australia has also agreed to specific mention of the Paris Agreement in a free trade deal – a deal which also affirms commitments to tackle climate change and acknowledges the role of global trade in these efforts.
The UK is a world leader in tackling climate change. We were the first major economy to legislate to be Net Zero by 2050 and have reduced emission by 44 per cent compared to 1990 levels. We are also phasing out coal power by 2025, 13 years earlier than Germany, and banning the sale of new petrol and diesel cars by 2030, ten years earlier than France.