Commons Sense

House of Commons · General Debate

Financial Investment and Deforestation

17 October 2022 · 1 other contributor

Opened by Chris Grayling Con Berkshire West

ClimateEnvironment

Summarised by AI from the official record, so it can contain mistakes.

Read the full transcript on Parliament.uk

At a glance

Chris Grayling raised concerns about financial investment and deforestation in the House of Commons. Other MPs contributed to the debate.

Key points

  • UK MP argues deforestation is a critical global issue requiring new regulations under the Environment Act 2021.
  • Proposes a Bill for UK financial institutions to verify they do not support businesses involved in illegal deforestation.
  • Highlights the need for UK financial institutions to implement due diligence measures to address environmental impact.

How the debate unfolded

MPs spoke in turn to share their views and ask questions. Here's what each person said.

Opened the debate

Chris Grayling Con Berkshire West

The lead MP argued that deforestation around the world is a critical issue and proposed a Bill requiring UK financial institutions to verify they do not provide support to businesses involved in illegal deforestation. He highlighted the need for more stringent regulations under the Environment Act 2021, emphasising that while the City of London plays a crucial role in global finance, it must also be mindful of its environmental impact. The MP pointed out that UK financial institutions have significant exposure to forest-risk ventures and called for due diligence measures to address this issue.

Other contributors (1)
  • Chris Grayling Con Berkshire West

    The Member emphasised the importance of addressing illegal deforestation through legislative means, proposing a Bill that would require financial institutions to incorporate forest risk assessments in their due diligence processes. He acknowledged the need for such regulation despite concerns over red tape and highlighted the significant exposure of UK financial institutions to activities linked to deforestation.

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