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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...
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...
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....
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...
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: ...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: ...would involve consolidation, whether on the basis of ability to take small pots that have been eaten up by costs and charges, or on the basis that one is absolutely passionate about a particular ESG issue and wishes to consolidate around an ESG provider. All of those things would be prevented if I were to allow this amendment to continue. I have great respect for the guru of all pensions...
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 –...
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?
Pat McFadden: ...parts when fighting a pandemic. Co-operatives have a big part to play in that. Scarcely a conversation with investors or financial institutions can go by these days without hearing the letters ESG. Environmental, social and governance considerations are being put forward as greater priorities in investment decisions, and it is in that context that the Bill put forward by my hon. Friend is...
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...
Baroness Bennett of Manor Castle: ...effects of assets but of climate. I will leave it to others to assess the technical details of that, but I have a specific question for her. She referred to the need for larger funds to report on ESG matters. She does not have to give me an answer now, but I wonder whether there will be also a requirement to publish that, so that it is easily accessible by the public and can be publicised....
Lord Balfe: ...of the pensioners who actually know what they are talking about, because many people are completely bewildered by pensions. When I read through both this amendment and the amendments about ESG and environmental safeguards, I was reminded very much of pensioners who come to me and say, “All I want, Richard, is for you to pay my pension. I couldn’t care less where it comes from.” I...
Kelly Tolhurst: The aviation sector is important to the UK economy and the government recognises the challenging times facing the sectorâ¯as a result ofâ¯COVID-19. The Expert Steering Group (ESG) was set up to bring together all the interested parties from across government and industry to co-produce solutions where possible. Membership of the ESG compromises of a range of industry experts and relevant...
Baroness Penn: ...-carbon benchmarks—the “Climate Transition Benchmarks” and “Paris-aligned Benchmarks”. The EU also extended existing transparency rules to reflect environmental, social and governance, or ESG, factors. This SI fixes deficiencies that will arise in retained EU law as a result of these EU amendments. It inserts definitions for a “UK Climate Transition Benchmark” and a “UK...
Baroness Hayman: ...must also play an instrumental role. We already know that, in the last decade, listed companies with green activities have performed better than fossil-fuel stocks and that, during the pandemic, ESG portfolios have fared better than conventional ones. Investors need to align their investments to our obligations under the Paris agreement, report on climate risks and set strategies to...
Baroness Bowles of Berkhamsted: ...that are left out. I therefore ask the Minister for reassurance that the Bill is not seen as removing pressure from legislating other important reforms on corporate governance and reporting, ESG, insolvency practitioners, audit and replacement of the Financial Reporting Council. I certainly do not see it as a justification for holding off. The moratorium provision was expected, but there...
James Duddridge: ..., occupational health and safety and understanding how data security and privacy are handled, including censorship and government disclosure. CDC provides further guidance on due diligence in its ESG Toolkit.
Baroness Sheehan: ...to the Task Force on Climate-related Financial Disclosures to guide their investment decisions. To quote Simon Nixon’s column in the Times on 13 February, “money is pouring into so-called ESG funds, which target Environmental, Sustainable and Governance criteria”, and investment behaviour last year “fuelled talk of an ESG bubble”. Our Government must act on their commitment to...
Ruth Edwards: ...potential financial risk to their pension pots from climate change and that their savings are helping to tackle, rather than embed, the climate crisis. My hon. Friend has done a lot to ensure that ESG plays a key part in pension providers’ decision making. Will he consider requiring them to disclose their exposure to climate-related risk to their members?
