Newport Wafer Fab

Debate between Lord Sarfraz and Lord Callanan

Monday 6th December 2021 Lords Chamber

[Lord Callanan (Con)]

Of course, I cannot comment further on these transactions, as the noble Lord knows, but semiconductors are an important aspect of our industrial future. We have some excellent manufacturing companies in the UK, and we want that to continue.

[Lord Sarfraz (Con)]

My Lords, one of the stated objectives of a project awarded by Innovate UK to Newport Wafer Fab is to provide the UK with a novel sovereign gallium nitride capability. Can my noble friend tell the House how that capability can possibly remain novel, or indeed sovereign, following acquisition by a foreign state-backed entity?

Human Rights Due Diligence

Debate between Lord Sarfraz and Lord Callanan

Tuesday 20th July 2021 Lords Chamber

[Lord Callanan (Con)]

The UK was the first state to produce a national action plan to respond to the guiding principles. We have continued to develop our approach, particularly with the Modern Slavery Act. We are working across the UK Government on this, and involving the devolved Governments in proper enforcement of the provisions.

[Lord Sarfraz (Con)]

My Lords, Eid Mubarak to all those celebrating. While we are very efficient in detailing the human rights abuses in overseas supply chains that we source from, we do not demonstrate the same enthusiasm when we export our trash to those same countries. What about the environmental and human rights abuses that happen in the global waste trade in which we participate? Can my noble friend see how this sends mixed messages internationally?

[Lord Callanan (Con)]

Businesses involved in the export of waste are required to take all necessary steps to ensure that the waste they ship is managed in an environmentally sound manner, throughout its shipment and during its recycling. Current penalties for breaching the legislation are a two-year jail term and an unlimited fine. My noble friend will be aware that the Environment Bill will introduce even tougher controls on illegal waste exports, including powers to make it harder for criminals to obtain and export waste illegally.

Private Sector: Environment and COP 26

Debate between Lord Sarfraz and Lord Callanan

Wednesday 7th July 2021 Lords Chamber

[Lord Callanan (Con)]

I am very happy to join my noble friend in recommitting to that. Sir Roger was an inspiring champion for using finance as a force for good in tackling climate change and improving the environment. All of us in government will remember his work.

[Lord Sarfraz (Con)]

My Lords, the increased attention given to climate change in boardrooms is largely being driven by investor sentiment. Last year, over 100 new environmental, social and governance funds were launched in Europe alone. ESG funds happen to be performing exceptionally well, demonstrating that ethical investing is profitable investing. Can my noble friend send a clear message to ESG investors today that the Government recognise their efforts, that they are welcome and that they will be supported?

[Lord Callanan (Con)]

I agree with the points made by my noble friend. The Government’s ambition is for the UK to be the best place in the world for green and sustainable investment. ESG funds are a crucial part of this. The Chancellor used his Mansion House speech on 1 July to announce a set of ambitious new policies to drive forward this important agenda.

Audit and Corporate Governance

Debate between Lord Sarfraz and Lord Callanan

Tuesday 23rd March 2021 Lords Chamber

[Lord Callanan (Con)]

I do not agree with my noble friend. As I said earlier, accountability for directors applies only to those in the largest businesses—that is, those with revenues in the hundreds of millions of pounds and potentially thousands of employees. The new sanctions will apply only in cases where directors have clearly failed in their duties as set out in law, so I do not believe that there is a conflict with the proposals made by the noble Lord, Lord Hill.

[Lord Sarfraz (Con)]

My Lords, I declare an interest as set out in the register. Companies are staying private for longer and entrepreneurs are not always in a rush to go public. Will Her Majesty’s Government consider simplifying trading in private company shares, possibly even introducing electronic trading, so that founders and employees can access the liquidity they need?

[Lord Callanan (Con)]

My noble friend makes an interesting point. Although this White Paper does not include proposals on trading in companies’ shares, the listings review of the noble Lord, Lord Hill, does include some recommendations, including making it easier for private growth companies to make the jump to a public listing.

Fossil Fuels: Business

Debate between Lord Sarfraz and Lord Callanan

Thursday 19th November 2020 Lords Chamber

[Lord Sarfraz (Con)]

My Lords, significant investment will be required by energy-intensive industries moving to net zero. Will the Minister advise the House on efforts being made downstream to ensure that these businesses remain competitive in price-sensitive international markets where the competition might not play by the same rules?

[Lord Callanan (Con)]

The noble Lord makes a very good point. We recognise that currently the costs of decarbonisation technologies are very high in many industries and many businesses are unable to pass on the increased costs of decarbonisation to consumers. That is why we are working very closely with industry and addressing this is one of the key aims of our industrial decarbonisation strategy.

Clean Growth Fund

Debate between Lord Sarfraz and Lord Callanan

Wednesday 28th October 2020 Lords Chamber

[Lord Callanan (Con)]

With respect to the noble Baroness, that is not the subject of the Question that we are dealing with, so I will write to her separately on that.

[Lord Sarfraz (Con)]

My Lords, I declare an interest in venture capital, as set out in the register. The Clean Growth Fund is one of several government-sponsored initiatives to support early-stage technology entrepreneurs. Can my noble friend the Minister advise if efforts are being made to share best practices across government departments, so that these initiatives do not operate in entirely independent silos?

[Lord Callanan (Con)]

My noble friend makes a good point. The BEIS team have been engaging with cross-Whitehall colleagues as the Clean Growth Fund has been developed and launched, including in the Department for International Trade, the Department for Environment, Food and Rural Affairs and the Foreign, Commonwealth and Development Office.