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Pat McFadden's Speeches In Parliament Related to Climate

We've found 21 Parliamentary debates in which Pat McFadden has spoken about climate-related matters.

Here are the relevant sections of their speeches.

• 5 Jun 2025: Joining Up Government

  My hon. Friend is right to draw attention to the importance of the CCS. We have tasked the CCS with working with suppliers and reviewing how it runs frameworks to maximise the spend with small and medium-sized businesses. That should include the timing of the framework so that everyone can take part as best as possible.

  [Source]

• 27 Jan 2025: Storm Éowyn

  16:15

  The Secretary of State for Northern Ireland is today in Northern Ireland, where he has met the Minister for Infrastructure to discuss recovery, and residents impacted by the storm. The Under-Secretary of State for Energy Security and Net Zero (Michael Shanks) is in Scotland this afternoon, meeting staff who are working on reconnections. Since Friday, around 220,000 properties in Northern Ireland, and 600,000 across Great Britain, have had their power restored. Welfare provisions have been provided to households without power, travel disruption has eased, most schools in Northern Ireland have reopened today, and we hope that the majority of the remainder will reopen tomorrow.

  [Source]

  16:40

  I can certainly confirm that the risk of flooding and extreme weather events will be covered in the review. It is important that we publish a national risk register that is updated constantly: we published our latest version just 10 days ago. As climate changes—and, indeed, as terrorism and other threats change—it is especially important, when we are considering resilience and how we should prepare and protect the country, that we are not caught in the past but look to the way in which the world is changing.

  [Source]

• 5 Dec 2024: Government’s Five Missions

  09:38

  As for the next steps, more information on Great British Energy’s early priorities will come in the new year from the Secretary of State for Energy Security and Net Zero. That will support skills development across the country, including in the Humber, which is at the absolute forefront of the UK’s net zero ambitions and is home, I am pleased to say, to several groundbreaking renewable energy projects, which we support.

  [Source]

• 4 Dec 2023: Risk and Resilience: Annual Statement

  17:50

  The invasion of Ukraine and the subsequent energy crisis exposed the short-sightedness of getting rid of gas storage, ditching home insultation programmes and being exposed to hugely volatile energy spot markets. Why is the Government’s new policy to roll back on the transition mandated by their own net zero legislation and prolong our reliance on international fossil fuel markets? For those failures, the British public have paid a heavy price.

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• 1 Dec 2021: Draft Financial Services Act 2021 (Prudential Regulation of Credit Institutions and Investment Firms) (Consequential Amendments and Miscellaneous Provisions) Regulations 2021

  My second question relates to the accountability framework of the PRA, who will take this job on. This issue was raised in yesterday’s debate in the Lords. As the Minister will remember, the accountability framework for the PRA was amended during our debates on the Financial Services Act so that the PRA will have to have regard to our net zero commitments. However, that condition does not kick in until January of next year; does it apply to the changes made in this statutory instrument or not?

  [Source]

  14:44

  That sounds like quite an important omission. We do not need to go over the history of it, but the Government themselves tabled an amendment saying that the regulators had to have regard to our net zero obligations. If I understand the Minister correctly, he is saying that it does not apply to the draft regulations, which implement the Basel III regulations—the main international post-financial-crisis measure of regulating banks to ensure that the taxpayer is not on the hook in the future. Is that not quite an important omission from the green direction that both of us want to see for financial regulation?

  [Source]

• 30 Nov 2021: Climate Goals: Wellbeing Economy

  17:41

  This debate also forces a discussion on not only the costs of acting, but the costs of not acting. The Office for Budget Responsibility report earlier this year was very clear on that point. If we delay taking the necessary action on the transition to net zero, it will not make the costs disappear. Instead, it will increase them in the longer run, adding to our debt and our deficit, and loading further costs on the taxpayer. That is why Labour announced at our recent conference a commitment to investing in this transition year on year for a decade.

  [Source]

• 28 Oct 2021: Income Tax (Charge)

  16:32

  The Government ditched their industrial strategy out of ideological spite. The transition plan for net zero produced just last week was a damp squib. One of the biggest challenges that we face is how to transform the heating in our homes, yet their plan would partially cover just one in 250 of the replacement boilers needed. The long-term reform of business rates, which several Conservative Members said they supported, has been ditched once again. Time after time it is ditched. And the Government have only just discovered the importance of early years education, a decade after taking a wrecking ball to Sure Start and setting back a good start in life for millions of children around the country.

  There is a better path. There is a better future and a different way, and that is to put our efforts into raising medium-term growth prospects and to get out of this bind of high inflation, high taxes and poor growth that 11 years of Conservative Government have left us in. That is the better path to prosperity and security. That is the path to ensuring that talent is used and to making the most of the UK’s potential. On the Labour Benches, we want to work with business, not treat it as a scapegoat for every problem that comes along. We want a fair deal for the workers in business, with good pay and decent conditions. We want to support wealth creation every bit as much as we support fair wealth distribution. We want to invest in the skills and talents of all our people, whatever their circumstances, from the youngest age possible, and we will have a net zero plan that meets the challenge of the moment and gets the best possible economic and employment benefits for the country. That is a better plan than the high-tax, high-inflation, low-growth model that the Conservative party has been pursuing, not for two years, not for one year but for 11 long years. It is that failure that gave rise to yesterday’s Budget and the tax burden being imposed on the country by this Chancellor and this Government.

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• 19 Oct 2021: Supporting Small Business

  19:13

  The Government know that business rates need reform. That is why they launched a review 15 months ago, but where is it? Where are the conclusions? Where is the Chancellor’s plan on business rates? Has it not been published because he is fighting with No. 10 about it, as he is over climate change? Has he not published it because he is fighting with the Business Secretary, as he is on industrial support?

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• 26 Apr 2021: Financial Services Bill

  00:00

  Let me start tonight with some of the areas where we agree with what the House of Lords has done with the Bill. Lords amendments 16 to 19 make the UK’s net zero targets part of the remit of the financial services regulators. We moved similar amendments in this House, both in Committee and on Report, and both times the Minister led MPs on the Government Benches to vote them down. Indeed, when the House last discussed the Bill, on 13 January, the Minister said

  There are many reasons to oppose legislative propositions in this House, but “not invented here” has to be one of the weakest. We have argued throughout the passage of the Bill that financial services, including the work of the regulators, are a vital part of the drive towards net zero. There was no good reason for the Government to oppose the idea during the earlier debates on the Bill. Every sector of the economy will have to adapt to the change and it will be for Government Members to explain to their constituents why they voted the amendments down.

  [Source]

• 13 Apr 2021: Finance (No. 2) Bill

  20:06

  Turning to the debate, it is a pleasure for me to respond on behalf of the Opposition. I thank all Members on all sides of the House, who made very wide-ranging contributions today, and some of them, Madam Deputy Speaker, related to the Bill before us. We have heard excellent contributions on a wide range of issues, including the move away from diesel, climate change, local recovery bonds, the taxation of covid tests, those excluded from Government help schemes, the arts and cultural sector, the aviation sector, the Help to Grow scheme, freeports and regional inequality—or, as the Government call it, levelling up.

  [Source]

• 13 Jan 2021: Financial Services Bill

  00:07

  I want to focus on the amendments tabled in the name of the Leader of the Opposition and then turn to some of those tabled by my right hon. and hon. Friends. The first amendment I want to speak to is our amendment 1 on the UK’s net zero commitments. The Bill sets out, in schedules 2 and 3, a list of things that the regulators have to have regard to in the exercise of their new and expanded functions under the Bill. It talks of international standards and competitiveness, yet nowhere is there a mention of the overarching goal that will shape so much of our economy in the decades to come.

  In this place, we have rows and arguments about all manner of issues, but sometimes the things that generate the most heat, if the Minister will pardon me the pun, are not always the biggest or most important issues. Conversely, just because an issue has bipartisan support does not make it less significant, and there is no doubt that the Climate Change Act 2008, as amended by the Climate Change Act (2050 Target Amendment) Order 2019, is one of the most significant pieces of economic legislation to pass in this country for many years.

  To achieve our net zero goals will require wholesale change in many walks of life. The briefest of looks at the Committee on Climate Change’s report on how this should be done shows what the main areas will be. On energy, we need to find replacements for fossil fuels, we have to invest in the shift to hydrogen and we are still trying to make carbon capture and storage a practical reality. On transport, the transition to battery power will have to proceed at an ever-increasing pace. On housing, we need not only to build new zero-carbon homes, but to retrofit millions of existing homes with zero-carbon heating systems. Agriculture, food production and even the clothes we wear—all these things will undergo big change, and all of them will require significant financial investment.

  “the full weight of…capital behind the critical global effort to tackle climate change”. —[ Official Report , 9 November 2020; Vol. 683, c. 621.]

  The Government say they want the UK to be the centre for green finance globally, but their first legislative outing on this sector since we left the European Union says nothing about mandating the regulators of the industry to make that part of their mission. As I said, our amendment does not seek to add to the commitments on net zero that the UK has already made, which are already set out in legislation and enjoy the support of all sides of the House, but to make these part of the remit of the regulators that shape our financial services industry. There is already a move towards greater environmental investing from investment funds and from consumers who want to invest in this way, and there is a desire for these products, so why do the Government not back that up by making it part of the regulators’ remit?

  [Source]

• 1 Dec 2020: Financial Services Bill (Tenth sitting)

  16:09

  If the argument against making that the regulator’s job is that investors are making these decisions for themselves, let us at least give investors the tools to do that job—the information to make those judgments. The Chancellor has spoken warmly about the Task Force on Climate-related Financial Disclosures, which was set up by the Financial Stability Board a few years ago precisely to help companies inform investors about risks related to climate change in investments. The founding statement of that organisation says:

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• 24 Nov 2020: Financial Services Bill (Fifth sitting)

  “(ba) the target for net UK emissions of greenhouse gases in 2050 as set out in the Climate Change Act 2008 as amended by the Climate Change Act (2050 Target Amendment) Order 2019, and”.

  This amendment would require that, when making Part 9C rules, the FCA must have regard to the UK’s net zero 2050 goal and the legislation that has been passed in pursuit of this goal.

  [Source]

  10:41

  We take the view that this list is incomplete and could be usefully added to. The regulators have an expanded new task, between schedule 2 and schedule 3, of regulating this huge, globally significant financial services industry with a lot of new powers, so what should they have regard to when they do this? There could be a number of things added to this “have regard to” list. Perhaps the most obvious is the UK’s climate change goals, specifically the commitment to reach net zero emissions of all greenhouse gases by 2050.

  Why do we want to add that in particular? There are several reasons. First, this is completely bipartisan. The Government are committed to it and the Opposition support it. It does not divide the parties in this House; it has multi-party support. Secondly, we are not asking for something that has not already been legislated for. It was legislated for on two important occasions in this House. We are not tacking on a new, previously undiscussed climate change commitment to the Bill. The legislative history of this, as hon. Members will know, is that the original goal of an 80% reduction in greenhouse gases by 2050 was legislated for in the Climate Change Act 2008 under the last Labour Government, which the Conservative Government changed to a commitment to net zero by 2050 through the 2019 order referred to in the amendment, so this has already been legislated for twice, once at 80% and now at net zero.

  [Source]

  10:52

  My hon. Friend is absolutely right. Joining the dots is exactly what we should do. Of course, she is right that individual investment firms will make their own decisions on these things, perhaps sometimes pressed by pension fund members, consumer groups or trustees in some ways. We applaud firms that do that, but how much more powerful would it be if that was a goal of the regulators, set out in our own financial services legislation? It would be more powerful, because the UK has this huge financial sector, which has around it this cluster of expertise, which we refer to a lot—legal and accountancy firms and all the rest—and because our own domestic commitments can bend the power of that sector towards the net zero goals.

  The amendment goes with the grain of what more and more firms and people in this sector are talking about. By including this change, we can take all the fine-sounding commitments on corporate websites and put them at the heart of our regulatory mission. It can mark out the UK financial services regulation as having a new post-Brexit mission. If asked what we want the UK financial services sector to do in this post-Brexit world—we debated divergence and capital rules and all the rest earlier—what would be a better answer than making sure that the power of this is bent towards us achieving net zero, and in so doing encouraging financial sectors elsewhere in the world to go down the same path?

  Finance will play a huge role in whether or not we meet the target. I do not propose, Mr Davies, to go through what the Committee on Climate Change has said that we need to do to reach the target in great detail, because we would be here all day, but I want to give the Committee an idea of a few headings that will require enormous investment.

  We will need a complete automotive transition, from internal combustion engines to electric or other zero emission vehicles. Just a few days ago, the Prime Minister himself announced a new, more advanced target for the phasing out of internal combustion engines.

  There will need to be a large programme of afforestation, because remember this is net zero. It will not be that we never have emissions, but we will have net zero. One of the main vehicles, if you like, in absorbing the emissions that we are still responsible for is afforestation, so we will need a huge programme.

  [Source]

  Let me put the point back to the hon. Gentleman. If there are new financial innovations, such as green gilts, that Governments can issue to finance the list of things I mentioned from the Climate Change Committee and if there is investor appetite, as there seems to be, for the limited number of green gilts that have already been issued, why on earth would we not put at the heart of the regulator’s mission that they should have regard to these goals and use them as a guiding principle, particularly as we are going into a post-Brexit world where we will be asked on many fronts what we are for now given that we have left an existing framework? It is particularly appropriate to add this proposal to the Bill. This will require investment and it cannot all be done by the state. It will require innovation in finance. We have mentioned green gilts but other kinds of saving products, investment products, bonds, loans and all sorts of instruments will all have to be geared to the necessary changes to meet the net zero target.

  To recap, the amendment seeks to make these changes in the least possible contentious way. We have not added a syllable or comma to anything that the Government have not already legislated for. All we are asking for is that the Government signal that they are taking their own legislation seriously by adding the net zero commitment, which the House has already legislated for, to the mission of the financial regulators. That seems to be a most uncontroversial and reasonable thing we can do in the post-Brexit financial regulatory framework.

  [Source]

  11:21

  The Minister is effectively saying that this is not the right time or place, but it is something that the Government will carefully consider. Given the things that have happened in politics in recent years, prediction is a dangerous game, but I expect that this is something that the Government will eventually decide to do, and I think they will make a virtue of doing it at that time. Indeed, I can see the Chancellor making the statement to the House of Commons right now, saying, “This new requirement for the Bank of England, for regulators, for the whole of Government, puts the UK at the heart of this shift to green finance and the achievement of tackling climate change.”

  [Source]

• 19 Nov 2020: Financial Services Bill (Fourth sitting)

  00:03

  As you mentioned, there is clearly cross-party agreement, and we have had announcements from the Government this week and last week on wanting to be a leader in green finance, especially ahead of COP26. There is also pretty much cross-party agreement on issues such as the banking sector severely under-serving small and medium-sized businesses. In his speech yesterday, Andy Haldane, the chief economist at the Bank of England, mentioned that the funding gap is £20 billion. We know there is cross-party agreement on wanting more of our productive and manufacturing sectors to grow, and we need to level up. Some Conservative MPs, such as Kevin Hollinrake and Danny Kruger, have done reports on that and on the need for a different banking system. We have to recognise that that will all require quite a significant shift in the direction of financial regulation, yet there is not anything in the Bill that suggests that such a shift in direction is something that the Treasury is interested in at the moment.

  We would certainly support the hardwiring of ESG considerations into the regulation. I looked this morning at the proposed amendments, and we would be very supportive of amendments 20 and 24, which have regard to climate and net zero in terms of investment firms and CRR—that is on climate and environmental. There are some other amendments on social practice and corporate governance that are really important, and there are potentially bigger amendments that we could be thinking about, which would embed sustainability in the regulatory framework of our regulators, such as the FCA and the PRA. That would involve further amending the Financial Services and Markets Act, which I know is being amended already in the Bill, but we could add an environmental sustainability objective, for example, to the FCA’s or PRA’s objectives.

  It is worth noting that the UK’s financial institutions are among the worst culprits in Europe for fossil fuel financing. HSBC and Barclays alone have funnelled about £158 billion into fossil fuels since the signing of the Paris agreement. If the UK really wants to be a leader in green finance in a serious way, we need our regulators to be on board with that mission. Obviously, that starts with this piece of legislation and others. We would fully support the amendments to the Bill that have been put forward already, and we would potentially suggest further ones.

  Jesse Griffiths: I think that the absolutely fundamental issue with regards to the Bill is that it is an opportunity to put social and environmental purpose at the heart of both the regulation and the duties of the regulators. I do not think it would take a huge change, or huge amendments to the Bill, to set that precedent and really kick-start what I agree is a cross-party consensus that we need to deal with the climate crisis and the rising problems —inequalities caused by covid and so on—and that the financial system is central to that. How it is regulated determines a lot about how it will react to those points.

  I can give some examples. Of course, it would be helpful if the Bill required the FCA to refer to the Climate Change Act when preparing secondary legislation. If you wanted to be more ambitious, it would obviously be helpful if capital requirements for investment firms introduced weightings on environmental, social and governance issues—for example, by penalising assets that have climate risks.

  [Source]

• 17 Nov 2020: Financial Services Bill (First sitting)

  00:04

  Q Thank you. Sheldon, I want to ask you about the accountability framework in the Bill. It asks you and the PRA to take account of various things. In going about your work in the FCA of regulating conduct, products and so on that financial bodies distribute, what account is taken of wider Government objectives? I am thinking most obviously of things such as the net zero commitment and the legislation that has been passed for that. Do you consider those things or do you say: “Look, our day job is the fairness and stability of financial products and it’s somebody else’s job to worry about that”?

  If you take the example of net zero, it is quite clear, regardless of where Government’s ambitions are in relation to net zero, that the move towards net zero forms a part of the issues that we face globally in terms of climate change. Those are risks in the economy and therefore impact the firms that we regulate and in turn may impact the consumers that we seek to protect. In a sense, we have little choice but to consider and be cognisant of Government’s aims in relation to net zero, because if we are not thinking about those climate risks and challenges, which our firms face, we would not be doing our job and serving our statutory objectives.

  Quite often, you find that the aims of Government are merely looking at some of the risks that are impacting markets, impacting the firms, and therefore it is right and proper that we have work in relation to those areas, and we do have work in relation to net zero and climate change.

  [Source]

• 9 Nov 2020: Financial Services Bill

  00:00

  Nothing there speaks of the green goals. Do the Government intend to amend the Bill as it progresses, to reflect the statement made by the Chancellor today? There is an opportunity here to put regulatory power behind the goal of net zero and, indeed, broader social and governance considerations for the greater public good. As it stands, the Bill is silent on that—it does not do that yet. When will the Bill be reconciled with the statement that we heard this afternoon?

  [Source]

• 9 Jun 2015: European Union Referendum Bill

  18:30

  At root, this debate is about how to maximise Britain’s opportunities and influence in the world. We are offered two alternative visions. On the one hand, there is a vision that this is best done alone, unencumbered by the rules that membership of the European Union entails. On the other hand, there is a belief that the challenges we face in the world are best faced up to in concert with others, whether about global trade, responding to climate change, the regulation of cross-border flows of people, money and ideas, or many other issues. This debate is therefore about power and influence, as well as about rules, and it is about how to maximise British power in an interconnected world.

  [Source]

• 2 Feb 2011: Department for Business, Innovation and Skills (Performance)

  14:02

  For example, with the Department of Energy and Climate Change, we produced the low carbon industrial strategy to achieve the most for UK industry out of the shift to low carbon power generation. On transport, we worked with the Department for Transport on an ultra-low-carbon vehicle strategy. In other words, the Department for Business, Innovation and Skills played a leading and co-ordinating role to take advantage of the industrial and employment opportunities of the future. That is what we were doing to try to foster growth and employment.

  [Source]

• 4 Mar 2010: Topical Questions

  The assurance I give the hon. Gentleman is that I will make sure that his point is relayed to the Department of Energy and Climate Change and the Treasury. It would probably be wise for me not to comment in any more detail on his question at this point.

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• 23 Feb 2010: Departmental Expenditure Limits

  xvii) transfer of £500,000 of non-voted expenditure from the Department of Energy and Climate Change to the Learning and Skills Council in respect of the National Skills Academy for Power;

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• 14 Jan 2010: Topical Questions

  It is always difficult to comment on one case on the hoof, but with the Department of Energy and Climate Change we have published a low- carbon economic strategy. We have put considerable Government resources behind that, a significant part of which is support for the development and manufacture of low-carbon vehicles here in the UK. Low-carbon industries are an essential part of our economic future, and that is why we have put in resources behind them.

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