Financial Services Bill

Debate between Lord Oates and Earl Howe

Committee stage & Committee: 2nd sitting (Hansard) & Committee: 2nd sitting (Hansard): House of Lords
Wednesday 24th February 2021 Grand Committee

[Earl Howe (Con)]

My Lords, I failed to cover the Pension Schemes Act. I apologise to the noble Baroness. The Act provides a power to bring forward regulations, placing various obligations on pension schemes relating to climate change risks. The provisions in the prudential package of the Financial Services Bill do something slightly different. They place a duty on the regulators to have regard to certain matters and to explain how they have been considered, given that the Bill imposes duties on the regulators to make rules relating to Basel and the IFPR. I reassure the noble Baroness that my officials and I have considered these provisions carefully, as we have the other amendments discussed today.

As regards her main question, my point was simple. As yet, there is no international agreement on what the term “green” means. Therefore, we cannot say with certainty that greener means prudentially safer. I do not say that we will never be able to, but it is not possible at present.

[Lord Oates (LD)]

My Lords, I am grateful to all noble Lords for their thoughtful contributions to the debate. I thank and pay particular tribute to the noble Baroness, Lady Hayman, for her important leadership on these issues through Peers for the Planet which is recognised across the Committee. I also thank all noble Lords who signed or spoke in favour of amendments for their co-operative, cross-party approach.

In quoting the Government’s approach, the noble Baroness, Lady Hayman, paraphrased St Augustine: “Lord, make me greener, but not yet”. I thank the Minister for his comprehensive response and characteristic courtesy, but it felt a little complacent. One could also quote from St Paul—that it was about “the good that I would I do not”. There is no doubt about the Government’s intentions, ambitions and targets. We welcome and are impressed by them, but it is now reaching the point where we have to act.

Zimbabwe

Debate between Lord Oates and Earl Howe

Wednesday 11th March 2020 Lords Chamber

[Lord Oates]

To ask Her Majesty’s Government whether they have held ministerial-level discussions with European Union member states about the current economic crisis and food emergency in Zimbabwe.

[Earl Howe (Con)]

My Lords, we regularly discuss the deeply concerning economic and political situation in Zimbabwe with international partners, including EU member states. Her Majesty’s ambassador to Zimbabwe last met her counterparts from the EU, the United States, Japan, Switzerland, Canada and Australia on 26 February. The UK has committed £49 million to provide humanitarian assistance to the 570,000 Zimbabweans most in need of food, including through cash transfers.

[Lord Oates (LD)]

I thank the Minister for his Answer. As he will be aware, the situation in Zimbabwe is now absolutely desperate. This is principally as a result of the disastrous failings of the Government of Zimbabwe, compounded by drought and cyclones. Does the Minister agree that, in addition to the restrictive measures against individuals who abuse human rights and continue to loot the country, we also need a positive offer to give hope to the Zimbabwean people in their struggle for political and economic justice?

Will the Government therefore work with our European and other international partners to agree an economic rescue package—a Marshall plan—that would be made available to any Zimbabwean Government who met specified criteria, including restoring democratic civilian government, upholding the rule of law and demonstrating a commitment to the well-being of its people, rather than the personal enrichment of its Ministers?

[Earl Howe]

My Lords, I acknowledge the noble Lord’s long-standing and close interest in Zimbabwe and its people, and I agree that we must continue to give hope and encouragement to all those who want to see genuine political and economic change in Zimbabwe. However, we have to face the reality that no package of external support will deliver for the Zimbabwean people without fundamental reforms, as he rightly says. Therefore, the onus must remain on the Government of that country to demonstrate true commitment to change. So far, we have seen limited progress.