Commons Sense

House of Commons · Adjournment Debate

Environmental, Social and Governance Developments

23 October 2023 · 2 other contributors

Opened by Alexander Stafford Lab Rother Valley

ClimateEnvironment

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

Read the full transcript on Parliament.uk

At a glance

Alexander Stafford raised concerns about environmental, social and governance developments in the House of Commons. A government minister responded. Other MPs also contributed.

Key points

  • Alexander Stafford secured the first debate on Environmental, Social and Governance (ESG) developments in the House.
  • Stafford emphasized the need for robust frameworks to prevent greenwashing and enhance trust in ESG metrics.
  • The Minister acknowledged the Government's commitment to reaching net zero by 2050 and highlighted progress in decarbonising the economy and growth in renewable energy sources.

How the debate unfolded

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

Opened the debate

Alexander Stafford Lab Rother Valley

As the founding chairman of the all-party parliamentary group on ESG, Alexander Stafford secured the first ever debate on the topic in the House. He outlined that ESG is a non-financial criterion used in investment decision-making and highlighted its growth since 2015. Stafford emphasised the need for robust frameworks to prevent greenwashing and enhance trust in ESG metrics. He called for quicker regulatory actions, such as developing a UK green taxonomy, which would clarify what constitutes sustainable investments.

Other contributors (2)
  • Roger Gale Con North Thanet

    He clarified the procedural requirement to move the motion again at 10 o'clock since the debate began before that time.

  • Jim Shannon DUP Strangford

    He highlighted the importance of a UK green taxonomy in guiding investments towards net zero objectives and preventing greenwashing.

Government Response

Gareth Davies

The Minister congratulated Alexander Stafford on securing the debate, acknowledging the Government's commitment to reaching net zero by 2050. He highlighted progress in decarbonising the economy and growth in renewable energy sources. The Minister emphasised the importance of a UK green taxonomy to define what is meant by “green” for investors, ensuring clarity and preventing misleading claims. He confirmed that a direct consultation would take place this autumn to gather market views on the taxonomy. The Minister also mentioned ongoing work on regulatory schemes for ESG ratings providers to improve transparency and protect consumers. He reiterated the importance of setting an example in international efforts and upholding British principles of free speech.

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