Oral Answers to Questions

Debate between Thérèse Coffey and Bim Afolami

Tuesday 7th May 2024 Commons Chamber

[Dr Thérèse Coffey (Suffolk Coastal) (Con)]

T8. The taskforce on nature-related financial disclosures came out with its framework last year. I would like an update on where we are with the International Sustainability Standards Board approach, because just as it has been a huge success for companies and for UK plc to switch to the recommendations of the taskforce on climate-related financial disclosure, it is vital for our planet that we also start to have the TNFD framework as standard right across the board.

[The Economic Secretary to the Treasury (Bim Afolami)]

My right hon. Friend is right that this issue is critical. I am pleased that the ISSB recently announced its intention to commence a research project on a nature thematic standard, carefully considering the TNFD’s recommendations. His Majesty’s Government have established a formal mechanism to assess the ISSB standards for suitability for the UK to ensure that with a general sustainability standard, and more specifically with a climate sustainability standard, we are doing the right thing for the UK. The Government will publish an implementation update on sustainability disclosure requirements shortly to provide further information for industry—watch this space.

Oral Answers to Questions

Debate between Thérèse Coffey and Bim Afolami

Tuesday 19th March 2024 Commons Chamber

[Dr Thérèse Coffey (Suffolk Coastal) (Con)]

I would like to join the Economic Secretary to the Treasury and my hon. Friend the Member for Southend West (Anna Firth) in discussing the closure of banks. Barclays bank, in particular, is both shameful and shameless in this regard. Does my hon. Friend agree that we need full transparency on the decisions made by Link and the Financial Conduct Authority? Something we learned yesterday that may be of interest to those in Chorley, Mr Speaker, is that the criteria take into consideration only the town plus areas within a 1 km circumference. That is not how the rural economy works. Will the Economic Secretary work with me to ensure that the criteria take into account the wider economy?

[Bim Afolami]

My right hon. Friend is another good example of a Member who is an excellent champion for her constituents, on this issue and so many others. As for her specific point, it is right for the industry to work out how it will increase provision and adapt the criteria for rural areas, but I will work with her to ensure that the banking hubs are rolled out in an equitable way, to rural as well as more urban areas.

Oral Answers to Questions

Debate between Thérèse Coffey and Bim Afolami

Tuesday 19th December 2023 Commons Chamber

[Dr Thérèse Coffey (Suffolk Coastal) (Con)]

16. If he will make mandatory the recommendations on reporting of the taskforce on nature-related financial disclosures.

[The Economic Secretary to the Treasury (Bim Afolami)]

This Government have been one of the largest donors to the global market-led taskforce on nature-related financial disclosures—TNFD—initiative. We will consider how best the TNFD’s recommendations should be incorporated into policy and legislative architecture in a manner that is coherent with global sustainability reporting.

[Dr Coffey]

Merry Christmas to you, Mr Speaker, and to the officers, Clerks and staff of the House. I am encouraged by my hon. Friend’s answer. It was a year ago today that the global biodiversity framework was agreed in Montreal, and it was absolutely necessary to restore biodiversity loss. The TNFD initiative was launched by the UK G7 presidency in 2021 and it featured in the green finance strategy that my right hon. Friend the Chancellor and I did the ministerial foreword to earlier this year. He will be aware of the recommendations that were launched in September. I am conscious that there was a lot of support from the Treasury previously and that we should try to accelerate the International Sustainability Standards Board standards so that we can bring in this initiative just as successfully as we have done for the TCFD—the taskforce on climate-related financial disclosures.

[Bim Afolami]

I thank my right hon. Friend for her question. She mentions the Treasury’s green finance strategy, which contains plans to bring forward the sustainability disclosure requirements, building on the global commitments. We have already implemented the climate-related financial disclosures, and we are looking very carefully at the nature-related financial disclosures. We hope to update the House in due course.