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Baroness Stedman-Scott: ...takes into account a future low-emissions world. The noble Baroness, Lady Jones, asked me to clarify the Pensions Regulator’s plans to ensure that pension schemes are not paying lip service to ESG requirements. The chief executive of the Pensions Regulator has written to the DWP to confirm that it is taking action. It will follow up on breaches of compliance. The noble Baroness, Lady...
Kelly Tolhurst: The International Aviation Taskforce’s Expert Steering Group (ESG) provided industry the opportunity to feed into the practical application of any new policies and co-produce solutions where possible. ESG has met its purpose and has undoubtedly been vital in achieving the milestones of producing health measures guidance and helping government establish Travel Corridors. Whilst our...
Anna McMorrin: ...have very strong environmental sustainability values at their heart, but that would clearly need to be set out in the confines of this Bill. Added to that, environmental and social governance, or ESG, is the buzzword of the City right now. Investors have flooded into the market looking to immunise their portfolios against climate risk and help promote a sustainable recovery from this...
Gareth Davies: ...to see much more investment in climate change initiatives and funds, but most of our pension funds are advised by a handful of consultants who are often a blockage to investment in, for example, ESG—environmental, social and governance—funds. Does he have any thoughts as to how we unblock the consultants aspect of this?
Guy Opperman: ...included the potential to signpost users to schemes’ Statement of Investment Principles and Implementation documents, which include information on schemes’ environmental, social and governance (ESG) policies and work. A summary of the responses to the Call for Input will shortly be published alongside the Programme’s next Progress Update Report, on its website –...
Guy Opperman: .... Amendment 14 concerns the extent to which the dashboard should add information on environmental, social and corporate governance matters. I am delighted to have been the Minister who brought ESG into part of this country’s pensions system and drove forward change in the pension and asset management systems, with due credit to Chris Woolard and the Financial Conduct Authority for...
Guy Opperman: ...by this Government, the UK is the first major economy to put TCFD into statute for pension schemes - leading the way on this issue, having already legislated for net zero by 2050 and introduced ESG legislation through 2018 amendments to the Occupational Pension Schemes (Investment) Regulations. As part of the Green Finance Strategy, the Government has established a working group of...
Guy Opperman: My hon. Friend is a specialist in this field thanks to his profession prior to being elected to the House. It seems to me that as we drive forward the ESG reforms and the changes under clause 124, and as we have climate-related financial disclosure, pension funds will wish to invest in a sustainable way that produces an appropriate return but is supportable from an ESG point of view....
Guy Opperman: ...an esteemed body, looked at this particular point on two occasions, and rejected it both times. There are reasons why. It takes the view that while it is entirely right and proper for the likes of ESG to influence investment, the individual decision-making processes of the trustees should not be influenced as is proposed by the proponents of this argument. I bow to the Law Commission on...
James Duddridge: The allegations in the referenced web article are unsubstantiated. Feronia's `Environmental, Social and Governance (ESG) team undertook an investigation into the allegations alongside Groupe d'Action pour Sauver l'Homme et son Environnement (GASHE), a respected DRC-based NGO, which aims to protect the natural environment and its resources while supporting the communities who live within them....
Rishi Sunak: ...that we will be using the use of proceeds structure, along with the principles from the International Capital Market Association. That is the most widely used and recognised structure in the ESG—environmental, social and governance—investing space, and it is the structure that is used by pretty much all other sovereign issuers. It will ensure that the money raised goes where it is...
Lord Agnew of Oulton: ...would represent good value for money to the taxpayer. We have been regularly reviewing the case for introducing a sovereign green bond, as well as closely monitoring how the green and other ESG bond markets have developed over recent years. The noble Lord asked why we were slow. We have been watching the evolution of this market; indeed, Germany issued its first equivalent only in...
Gareth Davies: ...limited environmental, social and corporate governance data in certain asset classes in certain markets around the world. If we look at emerging markets, private equity or in small-cap companies, ESG data is sporadic at best. It is getting better all the time, but at this point in time the market is not mature enough for the amendment to apply for managers. I fear that managers would be...
Liz Kendall: ...responsibility for the companies that they own, and fund managers should be held to account for their promises to champion responsible investing and environmental, social and governance—so-called ESG—issues. Following publication of the Levitt review, I wrote to all of Boohoo’s major shareholders to ask what action they were taking as a result of what I think is one of the worst ESG...
Pat McFadden: ...set out an ambitious environmental agenda for our financial services industries in his statement about 10 days ago. Do you think that the Bill is an opportunity to put regulatory weight behind the ESG agenda?
Abena Oppong-Asare: ...would help the Prime Minister achieve his ambitious 10-point plan—it is certainly ambitious—for the green industrial revolution. It is important to know that there is a drive towards greater ESG integration across the financial sector, which investors are pushing for as well. This is an opportunity for the Bill to be shaped more robustly, and it sends a really strong message that the...
Pat McFadden: ...regulations, which we tried to press this morning, but to social and governance considerations. Committee members who have anything to do with the sector or industry will know that the letters ESG—environmental, social and governance—come up a lot. I am sure that, like me, the Minister does lots of roundtables, meetings and so on, and he will be struck by the enthusiasm with which City...
Therese Coffey: ...the UK is the first major economy to put climate risk and disclosure into statute for pension schemes, leading the way on this issue, having already legislated for net zero by 2050 and introduced ESG—environment, social and governance—legislation through 2018 amendments to the occupational pension schemes investment regulations. I genuinely look forward to when we manage to complete...
Pat McFadden: At this stage in our proceedings we begin to recognise the debates that we are having, because we have had them more than once. I find the Minister’s answers on the subject of ESG slightly circular. He says—and I believe him—that he has great sympathy with the intent, but now is not the time or this is not the quite the way to do it, and so on. The reason I find that unconvincing is...
Pat McFadden: ...the record—we have had three or four of them. The Government do not want anything added to the Bill on environmental sustainability or anything like that. I have also said several times that the ESG agenda is really important for the UK, and the Government have said, at least in rhetorical terms, that they believe the same thing, so exactly how would it be advanced if not in the ways...
