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Alexander Stafford: ..., social and governance developments in the UK in this place. I refer the House to my entry in the Register of Members’ Financial Interests and to the all-party group’s interests as well. ESG is a set of characteristics that can be used to assess the non-financial elements of an investment or business decision. In its simplest form, ESG is a way to take into account potential risks and...
Lord Agnew of Oulton: The table below shows the education services grants (ESG) allocated to local authorities in each financial year from 2013-2014 to 2016-2017: Education services grant allocated to local authorities in England Financial Year Allocation (£ millions) 2013-2014 799.46 2014-2015 717.12 2015-2016 563.10 2016-2017 496.94 The removal of the ESG as of September 2017 was...
Baroness Stedman-Scott: The department has introduced ESG-related legislation, including regulations aligned with the Taskforce on Climate-related Financial Disclosures (TCFD), requiring trustees to consider, assess and report on the financial risks of climate change within their portfolios. These measures go beyond merely reporting a climate policy and how it is implemented. They require trustees to put in place...
Lord Ahmad of Wimbledon: The UK supports globally consistent Environmental, Social and Governance (ESG) standards through the work being led by the International Sustainability Standards Board. The UK also works through our Development Finance Institution, British International Investment (BII), which plays an important role in implementing ESG standards. BII for example has a policy on Responsible Investing which...
Andrew Smith: Guidelines for the acquisition of properties can be found in the Estates Services Guide (ESG), which is published by the Office of Government Commerce (OGC). The ESG offers Government users on the Civil Estate good practice guidance on estate management, including the acquisition of office accommodation by leasing and other means. It does not provide advice on residential or agricultural...
Nick Gibb: As announced at the Spending Review, we plan to save £600m from the Education Services Grant (ESG) by phasing out the general funding rate from 2017-18. Local authorities will continue to receive ESG funding in 2016-17. They will also receive transitional ESG funding from April 2017 to August 2017 inclusive. We recognise that local authorities, including Newham Borough Council, will need...
Nick Gibb: As announced at the Spending Review, we plan to save £600m from the Education Services Grant (ESG) by phasing out the general funding rate from 2017-18. Local authorities will continue to receive ESG funding in 2016-17. They will also receive transitional ESG funding from April 2017 to August 2017 inclusive. We recognise that local authorities, including Warrington Borough Council, will...
Alexander Stafford: ESG is so vital when it comes to investing in all our services, including defence. We were promised that the “Greening Finance” road map would come out at the end of 2022. Then we were told that the consultation would come out by autumn this year. It is still just about autumn, and it is yet to come out. Why are the Government kicking ESG down the road? Why have they stopped caring about...
Amanda Milling: ...content/uploads/2021/12/14074 359/Policy-on-Responsible-Investing.pdf Prior to making an investment, BII conducts a development impact assessment and undertakes environmental, social and governance (ESG) due diligence. These include consideration of the potential for positive environmental and social impacts and the identification of environmental and social risks that need to be...
David Laws: I am today announcing the rates of the education services grant (ESG) in 2015-16. The Chancellor announced in June 2013 that the Government would reduce the ESG by around £200 million in 2015-16. These savings help the Government to protect front-line budgets including the dedicated schools grant and the pupil premium. We recognised in June 2013 that this reduction to ESG might require some...
Andrew Mitchell: ...Responsible Investing [https://assets.bii.co.uk/wp-content/uploads/2022/03/2211432 6/Policy-on-Responsible-Investing.pdf] sets out BII's business integrity and Environmental, Social and Governance (ESG) expectations. This includes drawing on the standards set out in the UN Guiding Principles on Business and Human Rights. Legally binding Business Integrity and ESG action plans are developed...
Tony Devenish: SME businesses often lack the resource and funding to prioritise making ESG investments. Rather than levy the ULEZ on individuals, wouldn’t you be better off focusing on the provision of free ESG consultancy and grant support for London’s circa 1 million SME businesses to assist them reaching their net zero ambitions?
Earl Attlee: I am sorry to interrupt the Minister, but it was not the Government’s ESG policy that had caused me a problem but the banks’ ESG policies.
Mike Freer: ..., the legal services sector, together with its regulators, operate independently of government. The Ministry of Justice does not collect data on law firms’ environmental, social and governance (ESG) performance. The department has no plans to publish ratings of law firms by their ESG performance.
Grant Shapps: ...technologies that underpin our military capability. Despite this, defence companies are being excluded from access to debt and equity capital, citing Environmental, Social and Governance (ESG) grounds. This not only threatens an important part of the economy that, through MOD expenditure alone, directly and indirectly supports over 200,000 jobs, but it fails to recognise that the UK’s...
Lord Leigh of Hurley: Will my noble friend be able to give, now or later, an estimate of the cost of ESG reporting to British companies? The reason I ask is that an SEC commissioner recently stated that the cost to the 4,600 companies it regulates of providing ESG reporting is currently at $2 billion and expected to rise to $8 billion with the new regulations.
Baroness Goldie: ...technologies that underpin our military capability. Despite this, defence companies are being excluded from access to debt and equity capital, citing Environmental, Social and Governance (ESG) grounds. This not only threatens an important part of the economy that, through MOD expenditure alone, directly and indirectly supports over 200,000 jobs, but it fails to recognise that the UK’s...
Baroness Penn: The noble Baroness is absolutely right. That is why the UK is developing an economy-wide regime for ESG disclosure, focusing in the first instance on those requirements related to climate change. Alongside that, the FCA is creating a consumer-facing label, so that consumers seeking to invest in ESG products know what they are investing in and that it meets the high standards that they would...
Baroness Vere of Norbiton: Actually, I would flip that around the other way. I had a long conversation with the head of ESG at the FCA about this, and it is the public and investors in pension schemes who want to see investments in higher rated ESG organisations. That is the key driver: it is ensuring that the capital goes to the places the investors want to invest it in.
Amanda Milling: ...Globeleq is not a subsidiary of BII but an independent company with two shareholders (of which BII is the majority shareholder), a fully constituted board, an Environmental, Social and Governance (ESG) committee and investment committee which examine the risks of any investments, including from ESG perspectives. The Temane gas project is a project developed and invested in by Globeleq, and...
