Forest Risk Commodity Regulations

Lord Randall of Uxbridge Excerpts

Tuesday 12th March 2024 Lords Chamber

[Lord Benyon (Con)]

Yes, we do. The Treasury is proceeding with its review. Alongside that, we have the Taskforce on Nature-related Financial Disclosures. It is not just for financial institutions in this country but has become the international byword on making sure that financial institutions are themselves regulated and making it clear to other investors and shareholders that the supply chains they are investing in are in accordance with the Glasgow leaders’ declaration.

[Lord Randall of Uxbridge (Con)]

My Lords, I congratulate my noble friend. I know he shares a great and deep concern on this issue. He is probably as impatient as many of us to get this, but we know it is not always that easy. Will the Government require commodities and products that are in scope to be traced back to farm level?

[Lord Benyon (Con)]

I thank my noble friend. We are indeed working as quickly as we can to get this on the statute book. We want to make sure that those companies that are in scope, as the noble Earl on the Liberal Democrat Benches described, are able to say from their supply chains right back to where the project came from in the first place, that they are in accordance with these regulations. If not, we have a very clear sanctions programme that we will bring forward in the statutory instrument, which will hold them to account.