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Lord Shinkwin: My Lords, these findings clearly have major implications for businesses’ ESG policies. When do the Government plan to follow the lead of the US and produce an investment ban list of firms known to be exercising or participating in the worst human rights abuses?
Lord Callanan: ...environmental and social considerations are well catered for within existing public sector authority obligations. I hope that will reassure noble Lords that the statutory requirement for a specific ESG strategy, as introduced by Amendment 19 in the name of the noble Lord, Lord Ravensdale, is unnecessary. There are a huge number of possibilities here that I would be happy to discuss...
Lord Ravensdale: ...strategic goal of the UK, but which does not detract from what the Government want from ARIA overall. Amendment 19 simply calls for ARIA to develop its own environmental and social governance, or ESG, strategy, to consider the impacts of the exercise of its functions and the projects which it funds. It would allow the board of ARIA to consider their own strategy for alignment with the...
John Glen: ...and governance strategy, and the themes of trust and transparency are core to the FCA’s plans in this area. I am also aware that market participants are increasingly reliant on third-party ESG data and rating services to make decisions, which is why the Government are considering bringing these firms into the scope of FCA regulation and will report back next year. I also want to address...
Viscount Trenchard: ...and green savings bonds. The Government need to show leadership on this matter, because the exclusion of nuclear does not encourage those investors who might otherwise be moved to change their ESG policies to include nuclear. However, the speech made by my right honourable friend the Energy Minister on 2 December at the annual conference of the Nuclear Industry Association was most...
Lord Shinkwin: ...and sanction companies linked to the camps in Xinjiang? He may also be aware that many of these companies advertise heavily that they are ethical and uphold environmental, social, and governance—ESG—criteria. Fine, but what about genocide? Where does that fit within ESG criteria? Is ignoring it for profit ethical? Surely we should move towards defining ESG criteria in primary...
Guy Opperman: ...mandatory for occupational pensions schemes, and to consult on measures to require pension schemes to measure and report their alignment with the Paris Agreement on climate change. Our work on ESG is recognised worldwide. DWP are also consulting on guidance for trustees to improve stewardship and voting which will be key to ensuring high-carbon assets transition to net zero. The...
Michael Matheson: .... We are aware that some Scottish local government pension funds have already signed up to the principles of responsible investment and exercised a preference in new investments with positive ESG—environmental, social and governance—characteristics, which they have set out in their financial criteria. I can also inform the member that Scottish ministers intend to liaise with the...
Lord Fox: My Lords, I am sure that the Minister is aware of the acronym ESG, which stands for environmental and social governance—an important way of making sure that businesses behave properly. But there are different reporting standards for listed companies and private equity companies. Will he ensure that all companies trading in this country report on a level playing field? Will he undertake to...
John Glen: ...banks are consistently ranked at the top of the global green and sustainable debt underwriting league tables. In the UK, almost half—49%—of the £9.4 trillion in assets were integrating ESG, or environmental, social and governance, in their investment processes last year, up from a reported 37% the previous year. In other words, as City Minister I see a sector that is increasingly...
Guy Opperman: I will take my right hon. Friend’s compliment. The UK is the first country in the world to address the social elements of ESG. We have produced a call for evidence, “Consideration of social risks and opportunities by occupational pension schemes”, and I would encourage everyone to get involved with that. That will genuinely transform the supply chain, access to finance and investment in...
Ivan McKee: ...investment, as part of our global capital investment plan, alongside the work of the global ethical finance initiative, setting up Scotland as a centre for environmental, social and governance—ESG—investment, which is something that we are very proud to take forward. Maggie Chapman talked about conditionality, which I have covered. On investing in infrastructure, she made the very...
Alexander Stafford: To ask the Secretary of State for International Trade, pursuant to the Answer of 18 June 2021 to Question 14104, what progress she has made on placing environmental, social and governance (ESG) standards at the heart of UK international trade policy.
Lord Callanan: ...climate change into account. As of 2019, trustees of pension schemes with 100 or more members have been required to set out in their statement of investment principles policies on stewardship on an ESG, including climate change.
Lord Moynihan: ...my noble friend the Minister agree that human rights due diligence should not be mandatory for businesses given the modern slavery and supply chain requirements, the welcome shareholder demands for ESG transparency, and the widespread adherence in this country to the UN Guiding Principles on Business and Human Rights?
Lord Sarfraz: ...attention given to climate change in boardrooms is largely being driven by investor sentiment. Last year, over 100 new environmental, social and governance funds were launched in Europe alone. ESG funds happen to be performing exceptionally well, demonstrating that ethical investing is profitable investing. Can my noble friend send a clear message to ESG investors today that the Government...
John Glen: ...independent reports assessing the Framework and the eligible government expenditure were published alongside the framework on 30 June 2021:in line with market best practice, V.E, part of Moody’s ESG Solutions, has provided a Second Party Opinion on the sustainability credentials of the Government of the United Kingdom's Green Financing Framework, which asses the alignment of the...
Lord St John of Bletso: ...Ghana and providing a platform for greater economic and cultural co-operation. There is a common need for many of the economies in west Africa to diversify from natural resources, and, in line with ESG, we need to be promoting responsible development in Ghana, not just in energy but infrastructure, health, fisheries, renewables, technology, telecommunications and, of course, agricultural...
Alexander Stafford: To ask the Secretary of State for International Trade, what discussions she has had with the UK critical minerals industry on a globally coordinated approach on environmental, social and governance (ESG) standards in mining.
Alexander Stafford: To ask the Secretary of State for International Trade, what plans she has to introduce a certified UK environmental, social and governance (ESG) standards scheme to label goods and services for international export.
