Department for Work and Pensions written question – answered at on 29 June 2026.
Neil Duncan-Jordan
Labour, Poole
To ask the Secretary of State for Work and Pensions, if he will issue guidance to pension funds on reducing investment in fossil fuels.
Torsten Bell
The Parliamentary Secretary, HM Treasury, The Parliamentary Under-Secretary of State for Work and Pensions
Pension fund investment decisions must remain grounded in fiduciary duty. Climate change is a financially material risk, and the existing regulatory framework ensures trustees assess and disclose climate-related risks, including those linked to fossil fuels, supported by both statutory, and Regulator, guidance.
Building on this, we are working with industry to develop guidance clarifying that fiduciary duties allow trustees, when investing in members’ best interests, to consider systemic risks, including climate change, and will consult later this summer.
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