Member

One of the elements of being here in London, and which we should take advantage of, is that we have such a powerful financial system. The TNFD has been welcomed in Japan, the USA, the European Union and Switzerland. We are not talking about being isolationist in this regard but rather about how we can use our regulatory process, established a few years ago, to progress our thinking about the fact that so many people rely on their private long-term pension investments, and about the biodiversity risk. That risk is very real. It may not personally affect any of us in Committee today—except perhaps a few of the younger officials at the table behind the Minister—but I am keen to understand what the Government are seeking to do with the TNFD in relation to the development of pension schemes. I hope other noble Lords will support this amendment.