Jerome Mayhew (Conservative)

1. What steps she is taking to work with pension funds to encourage them to make investment decisions that help tackle climate change. ( 900392 )

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Ruth Edwards (Rushcliffe) (Con)

3. What steps she is taking to work with pension funds to encourage them to make investment decisions that help tackle climate change. ( 900394 )

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The Parliamentary Under-Secretary of State for Work and Pensions (Guy Opperman)

With over £1.6 trillion in assets, UK occupational pension schemes have a significant role to play in supporting the Government’s commitment to net zero by 2050. Our environmental, social and governance regulations, introduced by this Conservative Government in October 2019, mean that schemes are now required to disclose their policy on climate change. In March, we intend to publish game-changing guidance on climate-related financial disclosure. I have written to the 50 largest schemes in the country to urge them to act on their investment duties and to tackle climate risk.

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Jerome Mayhew (Conservative)

I welcome the progress that has been made on pension funds addressing climate change and ask the Minister to meet me concerning a constituent who is unable to access her pension fund without paying in excess of £2,000 in fees for independent financial advice —money she does not have until she accesses her fund.

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Ruth Edwards

As my constituents in Rushcliffe save for their retirement, they want to know about the potential financial risk to their pension pots from climate change and that their savings are helping to tackle, rather than embed, the climate crisis. My hon. Friend has done a lot to ensure that ESG plays a key part in pension providers’ decision making. Will he consider requiring them to disclose their exposure to climate-related risk to their members?

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Jack Dromey (Birmingham, Erdington) (Lab)

With Australia burning, South sea islands drowning, millions suffering from pollution and many dying, the world faces an unprecedented climate crisis. The power of pension funds is immense and, while I welcome the funds that have demanded that investment managers must, in the words of the Minister, “do the right thing”, so much more can, and should, be done. Will he therefore agree to cross-party, Front-Bench discussions, including on convening a pensions summit of all those with power, urging them to discharge their responsibilities to clean up our world?

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