Pension Funds

Department for Work and Pensions written question – answered on 8th February 2022.

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Photo of Kieran Mullan Kieran Mullan Conservative, Crewe and Nantwich

To ask the Secretary of State for Work and Pensions, what steps she is taking following COP26 to help ensure that pension funds contribute to delivering net zero.

Photo of Guy Opperman Guy Opperman The Parliamentary Under-Secretary of State for Work and Pensions

Building on our existing climate governance and disclosure requirements, the Department consulted (from 21 October 2021 to 6 Jan 2022) on measures requiring schemes to set out how their investments are aligned with the Paris Agreement goal of limiting global average temperature increases to 1.5˚C above pre-industrial levels. We have also consulted on guidance for trustees to strengthen stewardship and voting practices which will be key to ensuring high-carbon assets transition to net zero.

We are also working across government to develop a Sustainability Disclosure Requirements regime which will create a framework for the disclosure of pension scheme’s net zero transition plans and will also help tackle ‘greenwashing’.

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