GHG Emissions - June 9, 2021
UK to Require Pension Holders to Disclose Climate Impacts of Investments
The UK government released June 8 new regulations that will require pension holders to assess and publicly report on the climate change risks in their portfolios.
These new regulations will be applicable for authorized master trusts and schemes with £5 billion or more in assets starting in October. Afterward, the government will assess the regulation for its ability to be extended to smaller schemes as soon as 2024.
“Climate change is the number one issue of our generation, and as such, it carries a material risk to our financial investments,” Minister for Pensions Guy Opperman said in a statement. “These world-leading regulations we outline today ensure these risks are accounted for, and are done so with total transparency. In a matter of just a few months, savers will be able to determine for themselves if the investment aligns with their values or if they are comfortable with how their pension could be affected by climate change.”
The legislation still needs to be debated in Parliament in the coming months but if executed it will mark the first major economy to put such requirements into law.
This is the first step along the country’s journey to eventually make Taskforce for Climate-Related Financial Disclosures mandatory across the economy.
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