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Regulatory Action On The Financial Risks Of Climate Change

EDM number 1324 in 2017-19, proposed by Caroline Lucas on 04/06/2018.
Categorised under the topics of Climate change, Companies, Financial services, Pensions and World economy.

That this House notes the profound impact that climate change is having across the world; is concerned following the recent warning from the Governor of the Bank of England that climate change could have a catastrophic impact on the global financial system; welcomes the recent report by the UK Sustainable Investment and Finance Association and the Climate Change Collaboration which examines UK fund manager expectations of financial risks posed by international action on climate change to international oil companies (IOCs); is alarmed that 90 per cent of fund managers expect climate change to significantly impact the valuation of IOCs within two years; further notes that 41 per cent of investors still do not have a strategy for engaging with IOCs on climate change; notes that automatic enrolment requires all new savers to be enrolled into defined-contribution (DC) schemes; is further alarmed that oil and gas companies are the third most heavily weighted industry in a typical DC scheme; is alarmed that rules for DC schemes mean that the members bear all investment risks; agrees with the Green Finance Taskforce that clarification of investors fiduciary duties is essential to enable the UK financial system to respond in a timely way to climate risk; notes that while the Department for Work and Pensions has already said it is minded to introduce such clarification for trust­ based pension schemes, the Financial Conduct Authority (FCA) has yet to make a formal response; and urges the Government and the FCA to introduce new rules to ensure environmental, social and governance factors, as well as the financial risks stemming from climate change, are properly considered by all pension schemes.

This motion has been signed by a total of 25 MPs.

Caroline Lucas04/06/2018Brighton, PavilionGreenProposed
Edward Davey04/06/2018Kingston and SurbitonLiberal DemocratSeconded
Geraint Davies04/06/2018Swansea WestLabourSeconded
Carol Monaghan04/06/2018Glasgow North WestScottish National PartySeconded
Ben Lake04/06/2018CeredigionPlaid CymruSeconded
Layla Moran04/06/2018Oxford West and AbingdonLiberal DemocratSeconded
Chris Stephens04/06/2018Glasgow South WestScottish National PartySigned
Tom Brake04/06/2018Carshalton and WallingtonLiberal DemocratSigned
Helen Hayes05/06/2018Dulwich and West NorwoodLabourSigned
Tim Farron05/06/2018Westmorland and LonsdaleLiberal DemocratSigned
Roger Godsiff05/06/2018Birmingham, Hall GreenLabourSigned
Hywel Williams05/06/2018ArfonPlaid CymruSigned
Jim Cunningham05/06/2018Coventry SouthLabourSigned
Stewart McDonald06/06/2018Glasgow SouthScottish National PartySigned
Norman Lamb06/06/2018North NorfolkLiberal DemocratSigned
Kelvin Hopkins06/06/2018Luton NorthLabourSigned
Liz Saville Roberts06/06/2018Dwyfor MeirionnyddPlaid CymruSigned
Wera Hobhouse06/06/2018BathLiberal DemocratSigned
Sandy Martin06/06/2018IpswichLabourSigned
Christine Jardine06/06/2018Edinburgh WestLiberal DemocratSigned
Marie Rimmer12/06/2018St Helens South and WhistonLabourSigned
Stephen Lloyd13/06/2018EastbourneLiberal DemocratSigned
Lloyd Russell-Moyle14/06/2018Brighton, KemptownLabour/Co-operativeSigned
Alex Sobel02/07/2018Leeds North WestLabour/Co-operativeSigned
Chris Williamson04/07/2018Derby NorthLabourSigned

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