Here are the climate-related sections of speeches by MPs during the Commons debate Defence Industry: Environmental, Social and Governance Requirements.
14:38 Jack Rankin (Conservative)
The Devon county council pension fund—which I picked because I thought the hon. Member for Plymouth Sutton and Devonport (Luke Pollard) might have been the Minister responding to the debate, and it covers his constituency—states clearly that it prioritises return on investment and does not impose ethical exclusions. However, if one follows its investment down the rabbit hole to its pool provider Brunel Pension Partnership, which handles 93% of the council’s pension funds, we find Paris-aligned pooled funds with carbon thresholds and controversial weapon screens. As we can see, the system is set up against the defence industry. In that system, smaller companies have no chance, because the filtering happens long before capital ever reaches them.
We currently have retained EU law that adopts the Paris-aligned benchmarks that exclude nuclear as a controversial weapon. For a fund to be considered Paris-aligned, it will have to meet that benchmark and, by retaining that law, we are encouraging that. Although the Government nominally prioritise Trident, around 1,500 businesses in the supply chain are implicated and will therefore be potentially excluded from finance. As long as we continue to tolerate this madness, we are fighting with one hand behind our back.
[Source]
15:15 Katie Lam (Conservative)
As has already been said by many hon. Members, in order to trade in the UK, defence companies must comply with the general ESG regulations set out under the Companies Act 2006. If they wish to sell their equipment to the British Government, they must comply with the rules set out under the Ministry of Defence’s climate change and sustainability strategic approach. That includes the publication of a carbon reduction plan and compliance with rules designed to minimise environmental impact. If the firms wish to be publicly listed, they must wrangle the Financial Conduct Authority’s rules on ESG ratings.
[Source]