(Sheffield, Hallam) (Lab):
...So far, efforts to change the system, such as through the
Government’s green finance strategy and new benchmarks such as
the TCFD—Task Force on Climate-related Financial
Disclosures—recommendations, have emphasised greater
reporting, transparency and information. Initiatives have often
been sector-led. However, while they are necessary, they are
certainly not sufficient. We also need action and regulation, not
only to shift financial flows away from carbon-intensive areas
and towards climate-friendly investment, but to ensure that
financial institutions play their own role in tackling the
systemic problems in the sector....
The Exchequer Secretary to the Treasury ():,,,The hon. Member for
Bristol East (), who spoke for the Labour
party, said that the market needs a clear steer—just as I need to
get my breath back. To be clear to her, a central tenet of our
approach has been to ensure that every financial decision takes
climate change into account. This year, the UK made good on our
commitment to introduce a mandatory Task Force on
Climate-related Financial Disclosures, or TCFD This is
the first country to make a commitment to do so and we have now
delivered. As set out in the greening finance roadmap, we will
build on those rules with new SDR rules, the aim of which is a
comprehensive, streamlined and co-ordinated reporting framework.
SDR will incorporate international sustainability standards—I’m
sorry, but I have completely lost my breath...
To read the whole debate, OPEN HERE
