Future of Financial Services

Debate between Baroness Hayman and Lord Agnew of Oulton

Wednesday 11th November 2020 Lords Chamber

[Baroness Hayman (CB) [V]]

My Lords, I declare my interest as co-chair of Peers for the Planet. I very much welcome the emphasis in the Statement on green recovery and the ambition to lead the world in green finance. I have a couple of questions on TCFD and the decision to mandate climate disclosures. Could the Government not be a little bit more ambitious on the 2025 deadline, given the number of companies that are already taking on these responsibilities and have acted on disclosure? In the run-up to COP 26, will the Government take this as an exemplar and persuade other countries to act in a similar fashion so that we can have an even playing field across countries?

[Lord Agnew of Oulton (Con)]

The noble Baroness asks important questions. I certainly take on board her desire to try to accelerate the mandatory implementation date. I will feed that back to the Chancellor and see if it can be done. It is always a matter of balance between doing these things too quickly and being slow-footed. The TCFD is a key component of our international efforts at the G7, which we are hosting, the G20, COP 26, which the noble Baroness mentioned, and the Coalition of Finance Ministers for Climate Action. Making this announcement will mean that we can set this as an example for other countries to emulate and harmonise approaches on disclosure.