09:35 Dr Alan Whitehead (Southampton, Test) (Lab)

The draft regulations are particularly welcome because of the importance of what the climate change imperatives facing large companies in the UK mean for the assumptions and practices—for example about the long-term duration of assets in the ground, or fossil fuels—that were previously widespread in the industry. The required disclosures will ensure that companies are clear about the risks in their operating portfolio, particularly the risks of stranded assets. Across the world, as the impact assessment suggests,

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09:40 Ms Anum Qaisar (Airdrie and Shotts) (SNP)

It is vital that tackling climate change is at the top of everyone’s agenda, as it is in Scotland, from our greener national policies in the Scottish Parliament to the fantastic work done by local community groups, charities and citizens. Since my election in May, I have been so impressed by my Airdrie and Shotts constituents’ work to tackle climate change. Of course, Scotland hosted COP26, and I am sure that we were all inspired by the work done by people from across the globe.

COP26 in Glasgow reinforced the idea that tackling climate change is a global issue and that everyone— every single person on this planet—can make a positive change. That leads me to an important point: at the heart of tackling climate change is the need for a rapid transformation across all sectors of our economy and of society. Large corporations must be transparent about their contributions to that transformation. The more that companies are required to publish climate-related financial disclosures, the more they will be encouraged to focus on becoming greener. That is a positive thing.

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09:41 Greg Hands

The hon. Member for Airdrie and Shotts raised the importance of COP26 in Glasgow, which vindicates the UK Government’s decision to host that conference. We are delighted with the success of COP26, particularly in areas such as financial disclosure, which builds on a lot of the activities that the Chancellor of the Exchequer and the whole of Government have been leading this year, including through the G7. COP26 tied all that in very well, which vindicated our decision to host it.

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