The Secretary of State for Defence (Grant Shapps)

The MOD is showing leadership itself on the environmental and social agenda, including the application of the social value model within its procurement process —we are focused on tackling economic disparities, tackling climate change and promoting equal opportunity. Through the defence suppliers forum, we are working with industry at a strategic level to build sustainability into defence supply chains and tackle greenhouse gas emissions reduction. Crucially, HM Treasury has also published a consultation on a potential regulatory framework for ESG ratings providers with the aim of improving transparency and promoting good conduct in the ESG ratings business. The Government will, with our industrial partners, continue to explore and champion the wider environmental and social benefit of the defence sector and ensure it continues to represent the highest standards of corporate governance. The Economic Secretary to the Treasury, my hon. Friend the Member for Arundel and South Downs (Andrew Griffith), and I will continue to engage with defence companies and the financial sector on access to investment and financial services for industries critical to our national security.

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