London Stock Exchange Fossil Fuel Ban Bill

A

Bill

To

Prohibit fossil fuel companies presence on the London Stock Exchange

1. Definitions

The London Stock Exchange is the organization as understood by Part XVIII of the Financial Services and Markets Act 2000, owned by the London Stock Exchange Group PLC.

“Admitted to trading,” and “member firm” are terms as laid out in the Rules of the London Sotck Exchange.

A “fossil fuel entity” is a publicly held corporation that has a majority of its revenues derived from exploration, production, utilization, transportation, sale, or manufacturing of fossil fuels or fossil fuel byproducts

2. Prohibition

1) On December 31st 2025, the London Stock Exchange shall allow no new admissions to trade that are fossil fuel entities.

2) On December 31st 2050, all fossil fuel entities will be removed from the London Stock Exchange.

3. Commencement, full extent and title

1)- This Act may be cited as the London Stock Exchange Fossil Fuel Ban Act 2023.

2) This Act shall come into force immediately upon Royal Assent.

3) This Act extends to the whole of the United Kingdom.

This bill was written by The Rt. Hon Viscount Houston PC KT CT OM KBE, Shadow Attorney General, on behalf of His Majesty’s 37th Most Loyal Opposition.

Opening speech:

Deputy Speaker,

This bill is simple. I seek to deliver on an area of common ground with the Labour Party. I applaud their commitment to removing from the market those companies that have contributed so heavily to climate change, and believe the timeframe laid out within this bill will focus hearts and minds on getting a transition done in more than adequate amounts of time.

This vote will end on Friday 2nd May at 10pm BST.