Co-operative and Community Benefit Societies (Environmentally Sustainable Investment) Bill

Part of the debate – in the House of Commons at 11:21 am on 11th September 2020.

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Photo of Gareth Davies Gareth Davies Conservative, Grantham and Stamford 11:21 am, 11th September 2020

I thank my hon. Friend for his intervention. I will not repeat what I said to my hon. Friend Ben Everitt, but to take an example, the French Government under the leadership of President Emmanuel Macron have now issued more than €22 billion of sovereign green debt. Of their first issuance, I believe that 28% was funded by British investors. So again, I would like to see British investors investing in British renewable infrastructure.

There is an opportunity for co-operatives to issue green debt and bring in private capital, which is exactly what the hon. Member for Cardiff North intends to achieve, but it would also increase the level of pounds sterling issuance in the green bond market, so perhaps that is an idea for her next private Member’s Bill.

As I said, I support the spirit very much of what the hon. Lady is seeking to achieve. However, I do not believe that the Bill is the right tool to help co-operatives and to help us move them forward and address climate change.