Pension Funds: Environment Protection

Department for Business, Energy and Industrial Strategy written question – answered on 9th November 2021.

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Photo of Sarah Olney Sarah Olney Liberal Democrat Spokesperson (Business, Energy and Industrial Strategy), Liberal Democrat Spokesperson (Transport)

To ask the Secretary of State for Business, Energy and Industrial Strategy, what steps he is taking to (a) reduce barriers to investment and (b) encourage pension funds to invest in the green economy.

Photo of Greg Hands Greg Hands The Minister of State, Department for Business, Energy and Industrial Strategy

The UK financial services industry, with their access to global capital pools and outstanding professional services, are poised to enable private capital to flow into our net zero investment needs. As set out in the Net Zero Strategy, we are colloquial instead, ensuring more disclosure and transparency in the financial markets on climate risks through new Sustainability Disclosure Requirements.

At the same time, targeted public intervention via the British Business Bank (BBB), UK Export Finance and the UK Infrastructure Bank (UKIB) coupled with strong policy frameworks, will bring down the cost of capital and will bring investment from the private sector.

The Government has been a global champion in promoting safer, better, greener pensions. On 1 October 2021, Task Force on Climate-Related Financial Disclosures regulations and statutory guidance came into force, requiring trustees to consider, assess and report on the financial risks and opportunities of climate change within their portfolios.

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