UK. Pension schemes to tackle deforestation in climate push
Pension schemes in the UK will be expected to do more to tackle deforestation as part of the government’s climate policies, pensions minister Guy Opperman has warned.
Writing in Responsible Investor with Lord Goldsmith, minister for the Pacific and the international environment, Opperman said that because “forests and land use are a significant source of carbon emissions”, any action on climate change “will need to take deforestation into account”.
“During our COP26 presidency, we are putting forests front and centre of our global response to climate change. Ending deforestation would make the single largest contribution to greenhouse gases reduction targets for 2030, taking 3.5 gigatons of carbon out of the system every single year. That’s 10 per cent of the emissions reductions we need during this decade,” the ministers said.
They added that “several significant UK-based pension funds [have] committed to transitioning their portfolios away from activities that are driving deforestation”, and that new Task Force on Climate-related Financial Disclosures requirements, coming into force in October this year, will enable members to “see and understand the progress that is being made”.
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