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Environmental, Social and Governance Developments
23 October 2023
Lead MP
Alexander Stafford
Debate Type
Adjournment Debate
Tags
EmploymentClimateStandards & Ethics
Other Contributors: 2
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.
How the Debate Unfolded
MPs spoke in turn to share their views and ask questions. Here's what each person said:
Lead Contributor
Opened the debate
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.
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
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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About House of Commons Debates
House of Commons debates take place in the main chamber of the House of Commons. These debates cover a wide range of topics including government policy, legislation, and current affairs. MPs from all parties can participate, question ministers, and hold the government accountable for its decisions.