To ask the Secretary of State for Foreign, Commonwealth and Development Affairs, what assessment her Department has made of the environmental, social and governance risks associated with CDC Group’s commitment to finance the Temane gas project in Mozambique, via its subsidiary Globeleq.

BII (formerly CDC) is wholly owned by the UK Government through its shareholder FCDO. FCDO's shareholder interest is represented via the BII Board, which is accountable for all business and operational decisions. In line with best practice governance arrangements, FCDO is not involved in BII's individual investment decision-making.

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 ESG aspects and risks were discussed at the various boards and committees of Globeleq.

BII conducts business integrity and environmental, social and governance assessments for its direct investments. As part of its new strategy, BII has further enhanced its Policy of Responsible Investing applicable to future investments, available here: https://assets.cdcgroup.com/wp-content/uploads/2021/12/14074359/Policy-on-Responsible-Investing.pdf.