Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if he will make an assessment of the potential impact of anti-trust and competition legislation on the work of the Glasgow Financial Alliance for Net Zero to limit investment in fossil fuels; and if he will take steps to help ensure that (a) anti-trust and competition and (b) other legislation does not prevent divestment from fossil fuels by the Glasgow Financial Alliance for Net Zero; and if he will make a statement.

The UK COP26 Presidency and UN Race to Zero Campaign launched the Glasgow Financial Alliance for Net Zero (GFANZ) to unite firms from the leading net zero initiatives across the global financial system to accelerate the transition to net zero emissions. It is now a fully independent organisation representing its members and is coordinated by a dedicated secretariat.

To support companies to adapt as the world transitions towards a low carbon economy we also launched the Transition Plan Taskforce (TPT) in May. This brings together the best of British industry and academia with regulators and the third sector to develop a ‘gold standard’ for transition plans. The Government does not advocate divestment strategies believing transition plans have more impact.