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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Lord Alton of LiverpoolCrossbench (front bench)aye
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Lord Curry of KirkharleCrossbenchno
Lord Dannatt Crossbenchno
Baroness Deech Crossbenchno
Lord Greenway Crossbenchno
Lord Hogan-Howe Crossbench (front bench)no
Baroness Hogg Crossbenchno
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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 Browne of BelmontDUPno
Lord Hay of BallyoreDUPno
Lord Morrow DUPno
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Lord Allen of KensingtonLab (minister)aye
Lord Alli Labaye
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Lord Carter of ColesLab (minister)aye
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Lord McConnell of GlenscorrodaleLabaye
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Viscount Simon Lab (minister)aye
Baroness Smith of BasildonLab (minister)aye
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Lord Watson of InvergowrieLab (minister)aye
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Lord West of SpitheadLab (minister)aye
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Lord Whitty Lab (minister)aye
Baroness Wilcox of NewportLab (minister)aye
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Lord Wood of AnfieldLab (minister)aye
Lord Young of Norwood GreenLab (minister)aye
Baroness Young of Old SconeLab (minister)aye
Lord Bragg Labno
Lord Grabiner Labno
Viscount Hanworth Lab (minister)no
Lord Addington LDem (front bench)aye
Lord Alderdice LDem (front bench)aye
Lord Allan of HallamLDemaye
Baroness Bakewell of Hardington MandevilleLDem (front bench)aye
Baroness Barker LDem (front bench)aye
Lord Beith LDem (front bench)aye
Baroness Benjamin LDem (front bench)aye
Baroness Bonham-Carter of YarnburyLDem (front bench)aye
Baroness Bowles of BerkhamstedLDem (front bench)aye
Lord Bradshaw LDemaye
Baroness Brinton LDem (front bench)aye
Lord Burnett LDemaye
Baroness Burt of SolihullLDemaye
Lord Campbell of PittenweemLDem (front bench)aye
Lord Clement-Jones LDem (front bench)aye
Lord Dholakia LDem (front bench)aye
Baroness Doocey LDem (front bench)aye
Baroness Featherstone LDemaye
Lord Foster of BathLDem (front bench)aye
Lord Fox LDem (front bench)aye
Baroness Garden of FrognalLDem (front bench)aye
Lord German LDem (front bench)aye
The Earl of GlasgowLDemaye
Lord Goddard of StockportLDem (front bench)aye
Baroness Grender LDem (front bench)aye
Baroness Hamwee LDem (front bench)aye
Baroness Harris of RichmondLDem (front bench)aye
Baroness Humphreys LDem (front bench)aye
Lord Hussain LDemaye
Baroness Hussein-Ece LDem (front bench)aye
Baroness Janke LDem (front bench)aye
Baroness Jolly LDem (front bench)aye
Lord Jones of CheltenhamLDemaye
Baroness Kramer LDem (front bench)aye
Lord Lee of TraffordLDemaye
Lord Loomba LDemaye
Baroness Ludford LDem (front bench)aye
Lord Marks of Henley-on-ThamesLDem (front bench)aye
Lord McNally LDem (front bench)aye
Baroness Miller of Chilthorne DomerLDemaye
Lord Newby LDem (front bench)aye
Baroness Northover LDem (front bench)aye
Lord Oates LDem (front bench)aye
Lord Paddick LDem (front bench)aye
Lord Palmer of Childs HillLDem (front bench)aye
Baroness Parminter LDem (front bench)aye
Baroness Pinnock LDem (front bench)aye
Lord Purvis of TweedLDem (front bench)aye
Baroness Randerson LDem (front bench)aye
Lord Razzall LDem (front bench)aye
Lord Redesdale LDemaye
Lord Rennard LDemaye
Lord Roberts of LlandudnoLDemaye
Baroness Scott of Needham MarketLDem (front bench)aye
Lord Scriven LDem (front bench)aye
Lord Sharkey LDem (front bench)aye
Baroness Sheehan LDem (front bench)aye
Lord Shipley LDem (front bench)aye
Baroness Smith of NewnhamLDem (front bench)aye
Lord Stephen LDemaye
Lord Stoneham of DroxfordLDem (front bench)aye
Lord Storey LDem (front bench)aye
Lord Strasburger LDemaye
Lord Stunell LDemaye
Baroness Suttie LDem (front bench)aye
Lord Taverne LDemaye
Lord Teverson LDem (front bench)aye
Lord Thomas of GresfordLDem (front bench)aye
Baroness Thomas of WinchesterLDem (front bench)aye
Baroness Thornhill LDem (front bench)aye
Viscount Thurso LDemaye
Lord Tope LDem (front bench)aye
Lord Tyler LDem (front bench)aye
Baroness Tyler of EnfieldLDem (front bench)aye
Lord Verjee LDemaye
Lord Wallace of SaltaireLDem (front bench)aye
Lord Wallace of TankernessLDem (front bench)aye
Baroness Walmsley LDem (front bench)aye
Lord Willis of KnaresboroughLDemaye
Lord Wrigglesworth LDemaye
Baroness Nicholson of WinterbourneLDemno
Lord Eatwell Non-affiliatedaye
Lord Mackenzie of FramwellgateNon-affiliatedaye
Lord Mann Non-affiliatedaye
Baroness Ritchie of DownpatrickNon-affiliated (front bench)aye
Lord Smith of FinsburyNon-affiliatedaye
Lord Truscott Non-affiliatedaye
Baroness Uddin Non-affiliatedaye
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
Lord Empey UUP (front bench)no
Lord Rogan UUP (front bench)no

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