Fossil Fuel Industry: Regulation of Investments

Opened the debate

The speech highlighted the fossil fuel industry's historical role in propagating climate denialism and disinformation to protect profits. It emphasised the need for immediate action, including divesting from fossil fuels in Parliament's pension fund, ending new fossil fuel projects like Cambo oilfield, phasing out subsidies for the sector, and implementing a Green New Deal. The MP called for a transformation of the financial system to support public good over private greed and a wider economic transformation focusing on decarbonisation with the interests of working people at its core.

Government Response

The Minister acknowledged the seriousness of climate change, highlighting Government actions such as legislating for a net zero target by 2050 and publishing a net zero strategy. He detailed engagement with fossil fuel companies to transition towards cleaner energy, mentioning investments up to £16 billion by 2030 for carbon reduction initiatives. The Minister also discussed the roadmap to sustainable investing, setting out whole-economy sustainability disclosure requirements to ensure environmental impact transparency. Additionally, he mentioned establishing markets to mobilise private capital through green gilts and the UK Infrastructure Bank, aiming to tackle climate change and achieve net zero by 2050. The response concluded with an emphasis on international collaboration, noting commitments from G7 countries and financial institutions globally.