Financial Services: Forests

Treasury written question – answered on 4th July 2022.

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Photo of Daisy Cooper Daisy Cooper Liberal Democrat Spokesperson (Health and Social Care)

To ask the Chancellor of the Exchequer, with reference to the report of Global Witness entitled Cash Cow, published on 23 June 2022, what steps his Department plans to take to prevent UK financiers from providing support to companies associated with deforestation.

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

The Government has taken ambitious action to green the financial system. The UK was the first country in the world to commit to fully mandatory disclosures aligned with the Taskforce on Climate-Related Financial Disclosures (TCFD). These rules have now been introduced by the FCA, BEIS and DWP.

The Government is also supporting the work of the Taskforce on Nature-related Financial Disclosures (TNFD) which will provide a framework for corporates and financial institutions to report and act on nature-related risks, including deforestation. TNFD will build, consult on and test its framework, which it aims to launch in 2023. As part of its response to the Dasgupta Review, the Government committed up to £3m additional support to the development of the TNFD framework.

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