51795
2017-19
1324
Regulatory Action On The Financial Risks Of Climate Change
Caroline Lucas
2018-06-04
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.
Climate change
Companies
Financial services
Pensions
World economy
Caroline Lucas
2018-06-04
Proposed
Brighton, Pavilion
Green
Edward Davey
2018-06-04
Seconded
Kingston and Surbiton
Liberal Democrat
Geraint Davies
2018-06-04
Seconded
Swansea West
Labour
Carol Monaghan
2018-06-04
Seconded
Glasgow North West
Scottish National Party
Ben Lake
2018-06-04
Seconded
Ceredigion
Plaid Cymru
Layla Moran
2018-06-04
Seconded
Oxford West and Abingdon
Liberal Democrat
Chris Stephens
2018-06-04
Signed
Glasgow South West
Scottish National Party
Tom Brake
2018-06-04
Signed
Carshalton and Wallington
Liberal Democrat
Helen Hayes
2018-06-05
Signed
Dulwich and West Norwood
Labour
Tim Farron
2018-06-05
Signed
Westmorland and Lonsdale
Liberal Democrat
Roger Godsiff
2018-06-05
Signed
Birmingham, Hall Green
Labour
Hywel Williams
2018-06-05
Signed
Arfon
Plaid Cymru
Jim Cunningham
2018-06-05
Signed
Coventry South
Labour
Stewart McDonald
2018-06-06
Signed
Glasgow South
Scottish National Party
Norman Lamb
2018-06-06
Signed
North Norfolk
Liberal Democrat
Kelvin Hopkins
2018-06-06
Signed
Luton North
Labour
Liz Saville Roberts
2018-06-06
Signed
Dwyfor Meirionnydd
Plaid Cymru
Wera Hobhouse
2018-06-06
Signed
Bath
Liberal Democrat
Sandy Martin
2018-06-06
Signed
Ipswich
Labour
Christine Jardine
2018-06-06
Signed
Edinburgh West
Liberal Democrat
Marie Rimmer
2018-06-12
Signed
St Helens South and Whiston
Labour
Stephen Lloyd
2018-06-13
Signed
Eastbourne
Liberal Democrat
Lloyd Russell-Moyle
2018-06-14
Signed
Brighton, Kemptown
Labour/Co-operative
Alex Sobel
2018-07-02
Signed
Leeds North West
Labour/Co-operative
Chris Williamson
2018-07-04
Signed
Derby North
Labour