The Secretary of State for Work and Pensions (Dr Thérèse Coffey)

Recognising that climate change is a defining national and international emergency, we have introduced three key measures to ensure that pension schemes understand their responsibilities in responding to it. Since January 2019, those running single employer occupational pension schemes are required to establish an effective system of governance, including consideration of environmental, social and governance factors related to investment assets in investment decisions; and schemes with 100 or more members must carry out and document a risk assessment of their system of governance including risks relating to climate change.

Furthermore, as of 1 October, trustees of occupational pension schemes must state their policy on how they take account of the financial risks of climate change when developing their investment strategies.

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