21:49 Alexander Stafford (Rother Valley) (Con)

One of the main causes of the problem is that much of what ESG seeks to account for is intangible and therefore incalculable with our current frameworks. How, for example, might a company begin to calculate its effect on biodiversity? What metric can an investor look for to see an investment’s diversity score? This problem is not insurmountable. Twenty years ago, as major economies were waking up to the true effects of increasing carbon emissions and climate change, the issue of how to count carbon seemed similarly difficult. Today, after much trial and error and leadership from the UK, we can quickly and easily calculate the carbon footprint of any business, person, or product.

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22:13 Gareth Davies (Conservative)

My hon. Friend will be aware of our steadfast commitment, enshrined in law, to reach net zero greenhouse gas emissions by the year 2050. We already lead the world on tackling climate change: we have decarbonised faster than any other major economy since 1990, reducing our emissions by nearly half while growing our economy by some two thirds. Renewables have gone from less than 7% of our electricity supply in 2010 to 48% in the first quarter of this year, which is fantastic progress. However, as the Prime Minister has said recently, we will not stop there. The Chancellor has set out his view that the UK’s green industries are key to creating growth across this United Kingdom and our whole economy, and the Prime Minister’s announcements have outlined how the Government are working to unblock key barriers to investment and decarbonisation.

Growing the sustainable finance sector to support the transition to net zero is a major priority for this Government, and in March we published our green finance strategy. The strategy sets out the policies, regulatory changes and frameworks that we will be focusing on and taking forward in the next two to three years, helping businesses to have more certainty. It includes, for example, our commitment to deliver a useful and usable UK green taxonomy—an important evidence-based classification tool that will clearly define what is meant by “green” so that the market knows where to channel investment. As the hon. Member for Strangford (Jim Shannon) rightly highlighted, that supply of relevant and reliable information will help guide us all in financing activities that actually support our net zero and environmental objectives, while making clearer where damaging greenwashing is taking place.

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