U.K. Moves to Require Pensions to Disclose Climate Change Plans
British pension funds may soon need to explain how they are fighting climate change under a global framework as the U.K. aims to reach carbon neutrality by 2050.
The U.K.’s Department for Work and Pensions said Wednesday that it proposed an amendment to the Pension Schemes Bill that would require pensions to disclose their climate change strategies under the Taskforce on Climate-Related Financial Disclosures, a voluntary framework that is widely used by companies.
Also Read UK. Government mulls tax raid on top earners’ pensions
This follows a meeting last week between DWP Secretary Therese Coffey and Bank of England Governor Mark Carney. “We’ve already introduced regulations that require pension trustees to set out their policy on climate change, but now we’re taking things a step further,” Ms. Coffey said in prepared remarks.
Also Read UK. State pension warning: Retirement age set to increase even further in just two years
“Pension schemes shouldn’t be dragging their heels when it comes to their climate change strategy.” U.K. pension funds managed some $2.8 trillion in assets in 2018, according to the Organization for Economic Co-operation and Development.
Read more @WSJ
