The chief executive of the UK’s Pensions Regulator believes climate change will be more catastrophic to populations’ way of life than the COVID-19 pandemic if no action is taken.

The comments came as The Pensions Regulator chief executive Charles Counsell introduced the regulator’s new climate strategy, providing pension funds with a framework for disclosing climate information and achieving net zero emissions by 2050.

Counsell said: “In recent times we’ve faced a crisis caused by a pandemic. We’ve all taken urgent action to protect ourselves, our loved ones, our friends and our colleagues. We’ve looked after each other. We need to treat climate change in the same way, and it is the planet this time that we also need to look after.”

“Climate change could be – no, it will be – more catastrophic to our way of life than the pandemic if left unchecked. There is no vaccine, it is much more complex than that. It is equally urgent.”

The regulator warned that those trustees that fail to comply with the required disclosures will face action which may also be publicised, with the strategy saying the disclosures represent compliance with the basics on climate change.

“As the regulator for occupational pension schemes, we are uniquely placed to help the pensions industry to change behaviours to meet the profound challenges of climate change and to advocate on its behalf within government,” the strategy reads.

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