Source · Select Committees · Environmental Audit Committee
Recommendation 14
14
Accepted
Paragraph: 51
Current UK regulation proves insufficient for limiting non-sustainable deforestation impacts.
Conclusion
Current UK regulation is not sufficient when it comes to limiting non-sustainable deforestation. It relies too heavily on the laws in exporting countries and an assumption that that these laws will incorporate adequate provision for sustainability: as currently drafted the Regulations take control of the UK’s impact on sustainable timber production out of the UK’s hands.
Government Response Summary
The government commits to publishing guidance on the application of the Schedule 17 regime for the financial sector when secondary legislation is laid, and HM Treasury will conduct a review to assess the regulation of illegal deforestation financing.
Paragraph Reference:
51
Government Response
Accepted
HM Government
Accepted
Guidance on the application of the Schedule 17 regime to businesses in the UK financial sector will be published when secondary legislation is laid in Parliament. Furthermore, as set out in the Financial Services and Markets Act 2023, HM Treasury will conduct a review to assess the extent to which regulation of the UK financial system is adequate for the purpose of eliminating the financing of illegal deforestation, and to consider what, if any, changes to the regulatory framework may be appropriate.