Financial Services Bill — Report (1st Day) — Amendment 3 — 24 Mar 2021 at 18:15

Moved by Lord Oates

3: After Clause 5, insert the following new Clause-“Review of capital adequacy requirements risk weights(1) Within six months of the day on which this Act is passed the Prudential Regulation Authority must complete a review of the risk weighting applied to investments in-(a) existing fossil fuel exploitation and production, and(b) new fossil fuel exploration, exploitation and production.(2) In conducting this review, the Prudential Regulation Authority must have regard to-(a) the need to prevent the misallocation of investment to global warming accelerating activities as a result of artificially low risk weights; (b) the full implications of climate change for the risk of investments including physical climate risks, transitional climate risks and climate liability risks;(c) the likelihood of assets becoming wholly or partially stranded before the end of their normal exploitation cycle;(d) the impact of global warming accelerating activities on financial stability, in particular as a result of climate change related disruption of the economy; and(e) the advice of the Climate Change Committee.(3) The Treasury must lay before Parliament the outcome of this review within one month of the completion of the review.”Member’s explanatory statementThe purpose of this amendment is to place a requirement on the PRA to review the adequacy of risk weights applied to fossil fuel exposures in capital requirements having regard to the implications of climate change.

Ayes 276, Noes 276.

Debate in Parliament |

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Party Summary

Votes by party, red entries are votes against the majority for that party.

What is Tell? '+1 tell' means that in addition one member of that party was a teller for that division lobby.

What is Turnout? This is measured against the total membership of the party at the time of the vote.

PartyContentsNot-ContentsTurnout
Con0 22483.3%
Crossbench35 3338.4%
DUP0 5100.0%
Green2 0100.0%
Independent Labour1 0100.0%
Judge0 19.1%
Lab144 278.5%
LDem78 090.7%
Non-affiliated16 943.9%
UUP0 2100.0%
Total:276 27669.3%

Rebel Voters - sorted by party

Lords for which their vote in this division differed from the majority vote of their party. You can see all votes in this division, or every eligible lord who could have voted in this division

Sort by: Name | Party | Vote

NamePartyVote
Lord Aberdare Crossbench (front bench)no
Lord Botham Crossbenchno
Viscount Brookeborough Crossbenchno
Lord Butler of BrockwellCrossbench (front bench)no
Lord Carey of CliftonCrossbenchno
Lord Carlile of BerriewCrossbenchno
Lord Carrington Crossbenchno
Baroness Cavendish of Little VeniceCrossbenchno
Viscount Craigavon Crossbenchno
Lord Craig of RadleyCrossbenchno
Lord Curry of KirkharleCrossbench (front bench)no
Baroness D'Souza Crossbench (front bench)no
Lord Dannatt Crossbench (front bench)no
Baroness Deech Crossbench (front bench)no
Lord Etherton Crossbenchno
Lord Grabiner Crossbench (front bench)no
Lord Greenway Crossbenchno
Lord Hogan-Howe Crossbench (front bench)no
Baroness Hogg Crossbenchno
Lord Houghton of RichmondCrossbenchno
Lord Kakkar Crossbench (front bench)no
Lord Kilclooney Crossbenchno
Lord Laming Crossbench (front bench)no
Lord McDonald of SalfordCrossbenchno
Baroness O'Loan Crossbench (front bench)no
Lord Patel Crossbench (front bench)no
Lord Powell of BayswaterCrossbenchno
Lord Ramsbotham Crossbenchno
The Duke of SomersetCrossbenchno
Lord Stevens of KirkwhelpingtonCrossbenchno
Lord Thurlow Crossbenchno
Lord Trevethin and Oaksey Crossbench (front bench)no
Lord Vaux of HarrowdenCrossbench (front bench)no
Lord Bragg Labno
Viscount Hanworth Lab (minister)no
Lord Bhatia Non-affiliatedno
Lord Faulks Non-affiliated (front bench)no
Lord Gadhia Non-affiliatedno
Baroness Hoey Non-affiliatedno
Lord Kalms Non-affiliatedno
Lord Moore of EtchinghamNon-affiliatedno
Baroness Stowell of BeestonNon-affiliated (front bench)no
Lord Taylor of WarwickNon-affiliatedno
Lord Tyrie Non-affiliated (front bench)no

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