Christian Wakeford (Labour)

What steps she is taking through the Pension Schemes Bill to support the Government’s commitment to net zero carbon emissions by 2050. ( 907673 )

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

As my hon. Friend knows, we want safer, better and greener pensions. This Government were the first in a G7 country to legislate for net zero by 2050. We lead the way on environmental regulation of pensions, and we are introducing transparency of climate-related financial disclosures in the Pension Schemes Bill that require schemes to take account of climate change goals, including net zero.

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Christian Wakeford (Labour)

I thank the Minister for his response. Climate change is the single biggest threat not only to mankind, but to the planet. Does he agree with me that if we are to meet the climate change targets set out in the Paris agreement, more needs to be done to ensure that large financial institutions, including institutional investors such as pension funds, channel more investment into areas that do not actively harm our environment and contribute to climate change?

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Jack Dromey (Birmingham, Erdington) (Lab) [V]

With David Attenborough urging pension funds to move away from fossil fuels, it is hugely welcome that the Government have joined Labour to incorporate in legislation, for the first time ever, climate change commitments on pension funds. Now we must translate our ambitions into action. Previously, the Minister has received positively our proposal for a pension fund summit. Will he now agree to work with us—across party and bringing together the world of pensions to save our planet—to organise a cross-party climate change summit, because this is the biggest form of investment potentially worldwide in climate change pension funds?

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