Fossil Fuels: Business

Lord Ravensdale Excerpts
Thursday 19th November 2020

(3 months, 1 week ago)

Lords Chamber

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Department for Business, Energy and Industrial Strategy
Lord Callanan Portrait Lord Callanan (Con)
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My noble friend makes an extremely good point: we want to be a world leader in carbon capture usage and storage technologies. He will have noted the announcement of an extra £200 million to add to the £800 million already committed in the plan, for a total of £1 billion in this world-leading technology.

Lord Ravensdale Portrait Lord Ravensdale (CB) [V]
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My Lords, I declare my interests as in the register. I very much welcome the Government’s ambition for London to become the global centre of green finance and the announcement by the Task Force on Climate-related Financial Disclosures last week. Have the Government considered legislating to mandate financial institutions to align portfolios to net zero, as a way to incentivise fossil-fuel-intensive businesses to accelerate their moves towards this goal?

Lord Callanan Portrait Lord Callanan (Con)
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As the noble Lord referenced in his question, we are mandating climate information in financial disclosures. We welcome other commitments from the many banks and financial institutions that are already joining us on the path to net zero.