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Financial Investment and Deforestation
17 October 2022
Lead MP
Chris Grayling
Debate Type
General Debate
Tags
Climate
Other Contributors: 1
At a Glance
Chris Grayling raised concerns about financial investment and deforestation in the House of Commons. Other MPs contributed to the debate.
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
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.
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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Assessment & feedback
Summary accuracy
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.