Financial Investment and Deforestation

Baroness Laing of Elderslie Excerpts

1st reading
Monday 17th October 2022 Commons Chamber

[Chris Grayling]

If I am allowed to. Am I? No.

[Madam Deputy Speaker (Dame Eleanor Laing)]

Order. This is a ten-minute rule Bill.

[Chris Grayling]

Madam Deputy Speaker, I know how passionately the hon. Member for Brent North (Barry Gardiner) feels about this issue. I am glad to number him among the Bill’s sponsors.

Even where the head office team in an institution are working to try to change their approach, all too often decisions are being taken in a branch elsewhere by local teams that end up having the opposite effect. Whether through bond sales, banking services, investment funds or any other route, the reality is that the finance sector globally—this includes some institutions in London—is backing big international corporations that are still doing business directly or indirectly with those cutting down the rainforests. My Bill would change that. It would require financial institutions to include forest risk in the due diligence they do before making any investment or providing any banking service.

We are moving to require retailers to know whether the products that they sell contain forest-risk products from areas of illegal deforestation, and I want to see the investment community required to do the same. I know that regulation and deregulation in the City is a live topic at the moment, and I share the ambition to see the removal of unnecessary red tape that is imposed on our financial services. All too often, regulation ticks a box but does not actually make a difference. However, I do not think that regulation around deforestation is an example of that; it is not the same thing.

It is vital to all of us that we halt the loss of our natural habitats. We cannot afford to see the continuing loss of biodiversity in the Amazon or elsewhere, and the reality is that our financial services sector—whether it intends to or not—is financing those who make illegal deforestation possible. Businesses involved in financing projects around the world already do due diligence to work out financial viability and test risks. The Bill would not impose an extra process on them but simply add something to what they already do. That could make a massive difference. It is essential if we are to step up our combat against deforestation.

We face a problem around the world that is disastrous for all of us. It must stop. My Bill would make it much more difficult for financial institutions to provide the support that is enabling illegal deforestation to take place in too many parts of the world. I commend it to the House.

Question put and agreed to.

Ordered,

That Chris Grayling, Andrew Selous, Jim Shannon, Chris Bryant, Wera Hobhouse and Barry Gardiner present the Bill.

Chris Grayling accordingly presented the Bill.

Bill read the First time; to be read a Second time on Friday 24 March 2023, and to be printed (Bill 162).

Energy Prices Bill (Allocation of Time)

Motion made, and Question proposed,

That the following provisions shall apply to the proceedings on the Energy Prices Bill:

Timetable

(1)(a) Proceedings on Second Reading and in Committee of the whole House, any proceedings on Consideration and proceedings on Third Reading shall be taken at today’s sitting in accordance with this Order.

(b) Proceedings on Second Reading shall (so far as not previously concluded) be brought to a conclusion at 7.00 pm.

(c) Proceedings in Committee of the whole House, any proceedings on Consideration and proceedings on Third Reading shall (so far as not previously concluded) be brought to a conclusion at 10.00 pm.

Timing of proceedings and Questions to be put

(2) When the Bill has been read a second time:

(a) it shall, despite Standing Order No. 63 (Committal of bills not subject to a programme order), stand committed to a Committee of the whole House without any Question being put;

(b) proceedings on the Bill shall stand postponed while the Question is put, in accordance with Standing Order No. 52(1) (Money resolutions and ways and means resolutions in connection with bills), on any financial resolution relating to the Bill;

(c) on the conclusion of proceedings on any financial resolution relating to the Bill, proceedings on the Bill shall be resumed and the Speaker shall leave the Chair whether or not notice of an Instruction has been given.

(3)(a) On the conclusion of proceedings in Committee of the whole House, the Chair shall report the Bill to the House without putting any Question.

(b) If the Bill is reported with amendments, the House shall proceed to consider the Bill as amended without any Question being put.

(4) For the purpose of bringing any proceedings to a conclusion in accordance with paragraph (1), the Chair or Speaker shall forthwith put the following Questions in the same order as they would fall to be put if this Order did not apply:

(a) any Question already proposed from the chair;

(b) any Question necessary to bring to a decision a Question so proposed;

(c) the Question on any amendment, new Clause or new Schedule selected by the Chair or Speaker for separate decision;

(d) the Question on any amendment moved or Motion made by a Minister of the Crown;

(e) any other Question necessary for the disposal of the business to be concluded;

and shall not put any other questions, other than the question on any motion described in paragraph (11)(a) of this Order.

(5) On a Motion so made for a new Clause or a new Schedule, the Chair or Speaker shall put only the Question that the Clause or Schedule be added to the Bill.

(6) If two or more Questions would fall to be put under paragraph (4)(d) on successive amendments moved or Motions made by a Minister of the Crown, the Chair or Speaker shall instead put a single Question in relation to those amendments or Motions.

(7) If two or more Questions would fall to be put under paragraph (4)(e) in relation to successive provisions of the Bill, the Chair shall instead put a single Question in relation to those provisions, except that the Question shall be put separately on any Clause of or Schedule to the Bill which a Minister of the Crown has signified an intention to leave out.

Other proceedings

(8) Provision may be made for the taking and bringing to a conclusion of any other proceedings on the Bill.

Miscellaneous

(9) Standing Order No. 15(1) (Exempted business) shall apply to proceedings on the Bill.

(10) Standing Order No. 82 (Business Committee) shall not apply in relation to any proceedings to which this Order applies.

(11)(a) No Motion shall be made, except by a Minister of the Crown, to alter the order in which any proceedings on the Bill are taken, to recommit the Bill or to vary or supplement the provisions of this Order.

(b) No notice shall be required of such a Motion.

(c) Such a Motion may be considered forthwith without any Question being put; and any proceedings interrupted for that purpose shall be suspended accordingly.

(d) The Question on such a Motion shall be put forthwith; and any proceedings suspended under sub-paragraph (c) shall thereupon be resumed.

(e) Standing Order No. 15(1) (Exempted business) shall apply to proceedings on such a Motion.

(12)(a) No dilatory Motion shall be made in relation to proceedings to which this Order applies except by a Minister of the Crown.

(b) The Question on any such Motion shall be put forthwith.

(13)(a) The start of any debate under Standing Order No. 24 (Emergency debates) to be held on a day on which the Bill has been set down to be taken as an Order of the Day shall be postponed until the conclusion of any proceedings on that day to which this Order applies.

(b) Standing Order No. 15(1) (Exempted business) shall apply in respect of any such debate.

(14) Proceedings to which this Order applies shall not be interrupted under any Standing Order relating to the sittings of the House.

(15)(a) Any private business which has been set down for consideration at a time falling after the commencement of proceedings on this Order or on the Bill on a day on which the Bill has been set down to be taken as an Order of the Day shall, instead of being considered as provided by Standing Orders or by any Order of the House, be considered at the conclusion of the proceedings on the Bill on that day.

(b) Standing Order No. 15(1) (Exempted business) shall apply to the private business so far as necessary for the purpose of securing that the business may be considered for a period of three hours—(Joy Morrissey.)

Manuscript amendment made: (a) in paragraph 1(b), leave out “7.00 pm” and insert “7.30 pm”.—(Joy Morrissey.)

Main Question, as amended, put and agreed to.

Ordered,

That the following provisions shall apply to the proceedings on the Energy Prices Bill:

Timetable

(1)(a) Proceedings on Second Reading and in Committee of the whole House, any proceedings on Consideration and proceedings on Third Reading shall be taken at today’s sitting in accordance with this Order.

(b) Proceedings on Second Reading shall (so far as not previously concluded) be brought to a conclusion at 7.30 pm.

(c) Proceedings in Committee of the whole House, any proceedings on Consideration and proceedings on Third Reading shall (so far as not previously concluded) be brought to a conclusion at 10.00 pm.

Timing of proceedings and Questions to be put

(2) When the Bill has been read a second time:

(a) it shall, despite Standing Order No. 63 (Committal of bills not subject to a programme order), stand committed to a Committee of the whole House without any Question being put;

(b) proceedings on the Bill shall stand postponed while the Question is put, in accordance with Standing Order No. 52(1) (Money resolutions and ways and means resolutions in connection with bills), on any financial resolution relating to the Bill;

(c) on the conclusion of proceedings on any financial resolution relating to the Bill, proceedings on the Bill shall be resumed and the Speaker shall leave the Chair whether or not notice of an Instruction has been given.

(3)(a) On the conclusion of proceedings in Committee of the whole House, the Chair shall report the Bill to the House without putting any Question.

(b) If the Bill is reported with amendments, the House shall proceed to consider the Bill as amended without any Question being put.

(4) For the purpose of bringing any proceedings to a conclusion in accordance with paragraph (1), the Chair or Speaker shall forthwith put the following Questions in the same order as they would fall to be put if this Order did not apply:

(a) any Question already proposed from the chair;

(b) any Question necessary to bring to a decision a Question so proposed;

(c) the Question on any amendment, new Clause or new Schedule selected by the Chair or Speaker for separate decision;

(d) the Question on any amendment moved or Motion made by a Minister of the Crown;

(e) any other Question necessary for the disposal of the business to be concluded;

and shall not put any other questions, other than the question on any motion described in paragraph (11)(a) of this Order.

(5) On a Motion so made for a new Clause or a new Schedule, the Chair or Speaker shall put only the Question that the Clause or Schedule be added to the Bill.

(6) If two or more Questions would fall to be put under paragraph (4)(d) on successive amendments moved or Motions made by a Minister of the Crown, the Chair or Speaker shall instead put a single Question in relation to those amendments or Motions.

(7) If two or more Questions would fall to be put under paragraph (4)(e) in relation to successive provisions of the Bill, the Chair shall instead put a single Question in relation to those provisions, except that the Question shall be put separately on any Clause of or Schedule to the Bill which a Minister of the Crown has signified an intention to leave out.

Other proceedings

(8) Provision may be made for the taking and bringing to a conclusion of any other proceedings on the Bill.

Miscellaneous

(9) Standing Order No. 15(1) (Exempted business) shall apply to proceedings on the Bill.

(10) Standing Order No. 82 (Business Committee) shall not apply in relation to any proceedings to which this Order applies.

(11)(a) No Motion shall be made, except by a Minister of the Crown, to alter the order in which any proceedings on the Bill are taken, to recommit the Bill or to vary or supplement the provisions of this Order.

(b) No notice shall be required of such a Motion.

(c) Such a Motion may be considered forthwith without any Question being put; and any proceedings interrupted for that purpose shall be suspended accordingly.

(d) The Question on such a Motion shall be put forthwith; and any proceedings suspended under sub-paragraph (c) shall thereupon be resumed.

(e) Standing Order No. 15(1) (Exempted business) shall apply to proceedings on such a Motion.

(12)(a) No dilatory Motion shall be made in relation to proceedings to which this Order applies except by a Minister of the Crown.

(b) The Question on any such Motion shall be put forthwith.

(13)(a) The start of any debate under Standing Order No. 24 (Emergency debates) to be held on a day on which the Bill has been set down to be taken as an Order of the Day shall be postponed until the conclusion of any proceedings on that day to which this Order applies.

(b) Standing Order No. 15(1) (Exempted business) shall apply in respect of any such debate.

(14) Proceedings to which this Order applies shall not be interrupted under any Standing Order relating to the sittings of the House.

(15)(a) Any private business which has been set down for consideration at a time falling after the commencement of proceedings on this Order or on the Bill on a day on which the Bill has been set down to be taken as an Order of the Day shall, instead of being considered as provided by Standing Orders or by any Order of the House, be considered at the conclusion of the proceedings on the Bill on that day.

(b) Standing Order No. 15(1) (Exempted business) shall apply to the private business so far as necessary for the purpose of securing that the business may be considered for a period of three hours.—(Joy Morrissey.)