Here are the climate-related sections of speeches by MPs during the Commons debate Financial Services and Markets Bill (Second sitting).
15:07 Stephen Hammond (Wimbledon) (Con)
Q Martin, you have mentioned that you were a regulator, and I think I heard you say a moment ago, “If it doesn’t get measured, it doesn’t get done.” Therefore I am keen to ask you about and understand—you have obviously looked at the Bill in its totality—the need for metrics on net zero, competitiveness and proportionality. Do you think there is enough in the Bill and that is testing and stretching enough? And do you think that there is enough transparency in relation to the regulators to show that they have met those metrics?
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15:10 Tulip Siddiq (Labour)
Q Do you think there is a disconnect between the Government’s stated ambition to become the world’s first net zero financial centre and the actual levels of green finance in the UK today?
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15:17 Tulip Siddiq (Labour)
William Wright: There is certainly a role for legislation; I am not sure that the right place for that role is this Bill in particular. It is important to step back and look at the huge amount of work that has already been done and is being done in and around green finance from a legislative perspective. The latest addition to that is the net zero review, and the green finance strategy is expected from BEIS early next year, maybe. There are sustainability disclosure requirements, the UK green taxonomy and the transition plan taskforce. That work, which is coming down the pipeline towards us, could contain a lot of the legislative impetus for the UK to close the gap.
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