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.

PartyMajority (Content)Minority (Not-Content)Turnout
Con6 19969.0%
Crossbench31 2829.2%
DUP0 360.0%
Green2 0100.0%
Judge0 16.7%
Lab141 364.0%
LDem80 175.0%
Non-affiliated7 537.5%
UUP0 2100.0%
Total:267 24257.3%

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 Bowness Conaye
Lord Cooper of WindrushConaye
The Earl of Cork and OrreryCon (front bench)aye
Lord Green of HurstpierpointConaye
Lord Inglewood Con (front bench)aye
Lord Lupton Conaye
Lord Aberdare Crossbenchno
Viscount Brookeborough Crossbenchno
Lord Butler of BrockwellCrossbench (front bench)no
Lord Carey of CliftonCrossbenchno
Lord Carlile of BerriewCrossbenchno
Lord Carrington Crossbenchno
Viscount Craigavon Crossbenchno
Lord Craig of RadleyCrossbench (front bench)no
Lord Curry of KirkharleCrossbenchno
Lord Dannatt Crossbenchno
Baroness Deech Crossbenchno
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
Baroness O'Loan Crossbenchno
Lord Patel Crossbench (front bench)no
Lord Powell of BayswaterCrossbench (front bench)no
Lord Ramsbotham Crossbenchno
Lord Rana Crossbenchno
The Duke of SomersetCrossbenchno
Lord Stevens of KirkwhelpingtonCrossbenchno
Lord Thurlow Crossbench (front bench)no
Lord Trevethin and Oaksey Crossbench (front bench)no
Lord Vaux of HarrowdenCrossbench (front bench)no
Lord Bragg Labno
Lord Grabiner Labno
Viscount Hanworth Lab (minister)no
Baroness Nicholson of WinterbourneLDemno
Lord Bhatia Non-affiliatedno
Baroness D'Souza Non-affiliated (front bench)no
Lord Kalms Non-affiliatedno
Lord Taylor of WarwickNon-affiliatedno
Lord Tyrie Non-affiliated (front bench)no

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