Banks: Investment

Treasury written question – answered on 7th October 2019.

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Photo of Paul Farrelly Paul Farrelly Labour, Newcastle-under-Lyme

To ask the Chancellor of the Exchequer, what recent steps he has taken to increase the transparency of banks' investments, in particular the financing of arms, pesticides, plastic packaging and fossil fuels.

Photo of John Glen John Glen Minister of State (Treasury) (City), The Economic Secretary to the Treasury

The Companies, Partnerships and Groups (Accounts and Non-Financial Reporting) Regulations 2016 require banks to disclose the impact of their activities on social and environmental matters.

In addition, the Government launched in July its Green Finance Strategy with the ambition to align private sector financial flows with clean, environmentally sustainable and resilient growth. In the Strategy, the Government set an expectation that all listed companies and large asset owners, including banks, will make disclosures in line with the recommendations of the Taskforce on Climate-Related Financial Disclosures by 2022.

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