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 Aberdare Crossbenchno
Baroness Adams of CraigieleaLab (minister)aye
Lord Addington LDem (front bench)aye
Lord Adonis Labaye
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Lord Ahmad of WimbledonCon (front bench)no
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Lord Colwyn Conno
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Viscount Craigavon Crossbenchno
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Baroness Crawley Lab (minister)aye
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Baroness D'Souza Non-affiliated (front bench)no
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Lord Davidson of Glen ClovaLab (minister)aye
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Lord de Mauley Con (front bench)no
Lord Deben Conno
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Lord Deighton Conno
Lord Desai Lab (minister)aye
The Earl of DevonCrossbenchaye
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Lord Donoughue Labaye
Baroness Doocey LDem (front bench)aye
Baroness Drake Lab (minister)aye
Lord Duncan of SpringbankCon (front bench)no
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Lord Dunlop Con (front bench)no
Baroness Eaton Con (front bench)no
Lord Eatwell Non-affiliatedaye
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Lord Empey UUP (front bench)no
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Lord Evans of WatfordLabaye
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Lord Fairfax of CameronConno
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Lord Falconer of ThorotonLab (minister)aye
Baroness Fall Con (front bench)no
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Lord Faulks Con (front bench)no
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Lord Fellowes of West StaffordConno
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Lord Forsyth of DrumleanCon (front bench)no
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Lord Framlingham Conno
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Lord Frost Conno
Lord Gadhia Conno
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Lord Gardiner of KimbleCon (front bench)no
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Lord Gilbert of PantegCon (front bench)no
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Baroness Golding Labaye
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Lord Goodlad Conno
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Lord Grabiner Labno
Lord Grade of YarmouthCon (front bench)no
Lord Grantchester Lab (minister)aye
Lord Greenhalgh Conno
Lord Green of HurstpierpointConaye
Lord Greenway Crossbenchno
Baroness Grender LDem (front bench)aye
Lord Griffiths of Burry PortLabaye
Lord Griffiths of FforestfachConno
Lord Grimstone of BoscobelConno
Lord Grocott Lab (minister)aye
Viscount Hailsham Conno
Lord Hain Lab (minister)aye
Baroness Hamwee LDem (front bench)aye
Viscount Hanworth Lab (minister)no
Lord Harris of HaringeyLab (minister)aye
Lord Harris of PeckhamConno
Baroness Harris of RichmondLDem (front bench)aye
Lord Haselhurst Con (front bench)no
Lord Haskel Lab (minister)aye
Lord Hastings of ScarisbrickCrossbenchaye
Lord Haworth Labaye
Lord Hay of BallyoreDUPno
Baroness Hayman Crossbenchaye
Baroness Hayter of Kentish TownLab (minister)aye
Lord Hayward Con (front bench)no
Baroness Healy of Primrose HillLab (minister)aye
Lord Hendy Labaye
Baroness Henig Lab (minister)aye
Lord Henley Conno
Baroness Hilton of EggardonLab (minister)aye
Baroness Hodgson of AbingerCon (front bench)no
Lord Hodgson of Astley AbbottsCon (front bench)no
Lord Hogan-Howe Crossbench (front bench)no
Baroness Hogg Crossbenchno
Lord Hollick Lab (minister)aye
Lord Holmes of RichmondCon (front bench)no
Baroness Hooper Conno
Lord Hope of CraigheadJudge (front bench)no
Lord Horam Con (front bench)no
Lord Houghton of RichmondCrossbenchno
Lord Howard of LympneConno
Lord Howard of RisingConno
Earl Howe Con (front bench)no
Lord Howell of GuildfordCon (front bench)no
Lord Hoyle Labaye
Baroness Humphreys LDem (front bench)aye
Lord Hunt of Kings HeathLab (minister)aye
Lord Hunt of WirralConno
Lord Hussain LDemaye
Baroness Hussein-Ece LDem (front bench)aye
Lord Hutton of FurnessLabaye
Lord Inglewood Con (front bench)aye
Lord James of BlackheathConno
Baroness Janke LDem (front bench)aye
Baroness Jay of PaddingtonLab (minister)aye
Baroness Jenkin of KenningtonCon (front bench)no
Baroness Jolly LDem (front bench)aye
Lord Jones Lab (minister)aye
Lord Jones of CheltenhamLDemaye
Baroness Jones of MoulsecoombGreenaye
Baroness Jones of WhitchurchLab (minister)aye
Lord Jopling Conno
Lord Jordan Labaye
Lord Judd Lab (minister)aye
Lord Kakkar Crossbench (front bench)no
Lord Kalms Non-affiliatedno
Lord Keen of ElieCon (front bench)no
Baroness Kennedy of CradleyLabaye
Lord Kennedy of SouthwarkLab (minister)aye
Baroness Kennedy of The ShawsLabaye
Lord Kerslake Crossbench (front bench)aye
Lord Kilclooney Crossbenchno
Lord King of BridgwaterCon (front bench)no
Baroness Kingsmill Lab (minister)aye
Lord Kirkham Conno
Lord Kirkhope of HarrogateCon (front bench)no
Lord Knight of WeymouthLab (minister)aye
Baroness Kramer LDem (front bench)aye
Lord Krebs Crossbench (front bench)aye
Lord Laming Crossbench (front bench)no
Lord Lamont of LerwickCon (front bench)no
Lord Lang of MonktonCon (front bench)no
Lord Lansley Con (front bench)no
Baroness Lawrence of ClarendonLabaye
Lord Layard Lab (minister)aye
Lord Lee of TraffordLDemaye
Lord Leigh of HurleyConno
Lord Leitch Labaye
Lord Lennie Lab (minister)aye
Lord Levy Labaye
Lord Lexden Con (front bench)no
Baroness Liddell of CoatdykeLab (minister)aye
Lord Liddle Lab (minister)aye
The Earl of LindsayCon (front bench)no
Lord Lingfield Con (front bench)no
Lord Lipsey Lab (minister)aye
Baroness Lister of BurtersettLabaye
The Earl of LiverpoolConno
Lord Livingston of ParkheadCon (front bench)no
Lord Loomba LDemaye
The Marquess of LothianConno
Lord Lucas Con (front bench)no
Baroness Ludford LDem (front bench)aye
Lord Lupton Conaye
Lord MacKenzie of CulkeinLabaye
Lord Mackenzie of FramwellgateNon-affiliatedaye
Baroness Mallalieu Lab (minister)aye
Lord Mandelson Labaye
Lord Mann Non-affiliatedaye
Lord Marks of Henley-on-ThamesLDem (front bench)aye
Lord Marland Conno
Lord Marlesford Conno
Baroness Masham of IltonCrossbenchaye
Baroness Massey of DarwenLab (minister)aye
Lord Maude of HorshamConno
Lord Maxton Labaye
Lord McAvoy Lab (minister)aye
Lord McColl of DulwichCon (front bench)no
Lord McConnell of GlenscorrodaleLabaye
Baroness McDonagh Labaye
Baroness McGregor-Smith Con (front bench)no
Lord McInnes of KilwinningCon (front bench)no
Baroness McIntosh of PickeringCon (front bench)no
Lord McKenzie of LutonLabaye
Lord McNally LDem (front bench)aye
Lord McNicol of West KilbrideLab (minister)aye
Baroness Meacher Crossbench (front bench)aye
Lord Mendelsohn Lab (minister)aye
Baroness Meyer Con (front bench)no
Baroness Miller of Chilthorne DomerLDemaye
Lord Mitchell Lab (minister)aye
Baroness Mone Conno
Lord Monks Lab (minister)aye
The Duke of MontroseCon (front bench)no
Baroness Morgan of CotesCon (front bench)no
Lord Morris of AberavonLab (minister)aye
Baroness Morris of BoltonCon (front bench)no
Lord Morrow DUPno
Lord Moynihan Conno
Lord Murphy of TorfaenLabaye
Lord Naseby Con (front bench)no
Lord Nash Conno
Baroness Neville-Jones Con (front bench)no
Baroness Neville-Rolfe Con (front bench)no
Lord Newby LDem (front bench)aye
Baroness Newlove Con (front bench)no
Baroness Nicholson of WinterbourneLDemno
Baroness Noakes Con (front bench)no
Lord Northbrook Conno
Baroness Northover LDem (front bench)aye
Lord Norton of LouthConno
Baroness Nye Labaye
Baroness O'Loan Crossbenchno
Baroness O'Neill of BengarveCrossbenchaye
Lord O'Shaughnessy Conno
Lord Oates LDem (front bench)aye
Baroness Osamor Lab (minister)aye
Lord Paddick LDem (front bench)aye
Lord Palmer of Childs HillLDem (front bench)aye
Lord Parkinson of Whitley BayCon (front bench)no
Baroness Parminter LDem (front bench)aye
Lord Patel Crossbench (front bench)no
Lord Patel of BradfordLabaye
Lord Patten Conno
Lord Patten of BarnesConno
Lord Pendry Labaye
Baroness Penn Con (front bench)no
Lord Pickles Con (front bench)no
Baroness Pidding Con (front bench)no
Baroness Pinnock LDem (front bench)aye
Lord Ponsonby of ShulbredeLab (minister)aye
Lord Popat Conno
Lord Powell of BayswaterCrossbench (front bench)no
Baroness Prashar Crossbench (front bench)aye
Lord Price Conno
Baroness Primarolo Lab (minister)aye
Baroness Prosser Labaye
Lord Purvis of TweedLDem (front bench)aye
Lord Puttnam Lab (minister)aye
Baroness Quin Lab (minister)aye
Baroness Ramsay of CartvaleLabaye
Lord Ramsbotham Crossbenchno
Lord Rana Crossbenchno
Baroness Randerson LDem (front bench)aye
Lord Ranger Conno
Lord Ravensdale Crossbenchaye
Baroness Rawlings Con (front bench)no
Lord Razzall LDem (front bench)aye
Baroness Rebuck Labaye
Lord Redesdale LDemaye
Baroness Redfern Conno
Lord Rees of LudlowCrossbenchaye
Lord Reid of CardowanLab (minister)aye
Lord Renfrew of KaimsthornConno
Lord Rennard LDemaye
Lord Ribeiro Conno
Lord Ricketts Crossbench (front bench)aye
Viscount Ridley Con (front bench)no
Lord Risby Conno
Baroness Ritchie of DownpatrickNon-affiliated (front bench)aye
Lord Robathan Con (front bench)no
Lord Roberts of LlandudnoLDemaye
Lord Robertson of Port EllenLabaye
Baroness Rock Con (front bench)no
Lord Rogan UUP (front bench)no
Lord Rooker Labaye
Lord Rose of MonewdenConno
Lord Rosser Lab (minister)aye
Lord Rotherwick Conno
Lord Rowe-Beddoe Crossbench (front bench)aye
Lord Rowlands Lab (minister)aye
Baroness Royall of BlaisdonLabaye
Baroness Sanderson of WeltonCon (front bench)no
The Earl of SandwichCrossbench (front bench)aye
Lord Sassoon Conno
Baroness Sater Con (front bench)no
Lord Sawyer Labaye
Baroness Scott of BybrookCon (front bench)no
Baroness Scott of Needham MarketLDem (front bench)aye
Lord Scriven LDem (front bench)aye
Baroness Seccombe Con (front bench)no
Lord Selkirk of DouglasConno
Baroness Shackleton of BelgraviaConno
Lord Sharkey LDem (front bench)aye
Baroness Sheehan LDem (front bench)aye
Lord Sheikh Conno
Baroness Shephard of NorthwoldConno
Lord Sherbourne of DidsburyCon (front bench)no
Baroness Sherlock Lab (minister)aye
Lord Shipley LDem (front bench)aye
The Earl of ShrewsburyConno
Viscount Simon Lab (minister)aye
Baroness Smith of BasildonLab (minister)aye
Lord Smith of FinsburyNon-affiliatedaye
Baroness Smith of GilmorehillLabaye
Lord Smith of HindheadCon (front bench)no
Baroness Smith of NewnhamLDem (front bench)aye
Lord Snape Lab (minister)aye
Lord Soley Labaye
The Duke of SomersetCrossbenchno
Baroness Stedman-Scott Con (front bench)no
Lord Stephen LDemaye
Lord Sterling of PlaistowConno
Baroness Stern Crossbenchaye
Lord Stevens of KirkwhelpingtonCrossbenchno
Lord Stevenson of BalmacaraLab (minister)aye
Lord Stone of BlackheathLabaye
Lord Stoneham of DroxfordLDem (front bench)aye
Lord Storey LDem (front bench)aye
Baroness Stowell of BeestonConno
Lord Strasburger LDemaye
Baroness Stroud Conno
Lord Stunell LDemaye
Baroness Sugg Con (front bench)no
Lord Suri Conno
Baroness Suttie LDem (front bench)aye
Lord Swinfen Con (front bench)no
Lord Taverne LDemaye
Baroness Taylor of BoltonLab (minister)aye
Lord Taylor of HolbeachConno
Lord Taylor of WarwickNon-affiliatedno
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
Baroness Thornton Lab (minister)aye
Lord Thurlow Crossbench (front bench)no
Viscount Thurso LDemaye
Lord Tope LDem (front bench)aye
Lord Touhig Lab (minister)aye
Lord Trefgarne Conno
Viscount Trenchard Con (front bench)no
Lord Trevethin and Oaksey Crossbench (front bench)no
Lord Triesman Labaye
Lord Trimble Con (front bench)no
Lord True Con (front bench)no
Lord Truscott Non-affiliatedaye
Lord Tugendhat Con (front bench)no
Lord Tunnicliffe Lab (minister)aye
Lord Turnberg Labaye
Lord Tyler LDem (front bench)aye
Baroness Tyler of EnfieldLDem (front bench)aye
Lord Tyrie Non-affiliated (front bench)no
Baroness Uddin Non-affiliatedaye
Viscount Ullswater Con (front bench)no
Lord Vaux of HarrowdenCrossbench (front bench)no
Baroness Vere of NorbitonCon (front bench)no
Lord Verjee LDemaye
Baroness Verma Con (front bench)no
Lord Vinson Conno
Lord Wakeham Con (front bench)no
Lord Walker of AldringhamCrossbenchaye
Lord Wallace of SaltaireLDem (front bench)aye
Lord Wallace of TankernessLDem (front bench)aye
Baroness Walmsley LDem (front bench)aye
Baroness Warsi Conno
Baroness Warwick of UndercliffeLab (minister)aye
Lord Wasserman Conno
Lord Watson of InvergowrieLab (minister)aye
Lord Watts Lab (minister)aye
Lord Wei Conno
Lord West of SpitheadLab (minister)aye
Baroness Wheeler Lab (minister)aye
Baroness Whitaker Labaye
Lord Whitby Conno
Lord Whitty Lab (minister)aye
Baroness Wilcox of NewportLab (minister)aye
Lord Willetts Conno
Baroness Williams of TraffordCon (front bench)no
Lord Willis of KnaresboroughLDemaye
Lord Wills Lab (minister)aye
Lord Wilson of DintonCrossbenchaye
Lord Winston Labaye
Lord Wood of AnfieldLab (minister)aye
Lord Wrigglesworth LDemaye
Baroness Wyld Con (front bench)no
Lord Young of CookhamCon (front bench)no
Viscount Younger of LeckieCon (front bench)no
Lord Young of GraffhamConno
Lord Young of Norwood GreenLab (minister)aye
Baroness Young of Old SconeLab (minister)aye

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