Peers for the Planet supporters have welcomed climate risk amendments tabled by the Government following their calls to include provisions in the Bill at Second Reading, but have continued to press the case for further improvements during the Committee Stage of the Pensions Schemes Bill. Baroness Hayman, Peers for the Planet Co-Chair, said:
“The UK has set itself a clear timetable to reach net zero emissions by 2050 so we need a correspondingly clear timetable to align the pensions sector with the objectives of the Paris Agreement. The Government’s move to enable the creation of an oversight , disclosure and compliance regime reflecting TCFD recommendations is welcome but it does not require pensions schemes to provide information on how their investments align with the objectives of the Paris Agreements, not all schemes are covered, and there is no timetable by which any new regime will be in place. Overall, there are too many opportunities for Regulations to be watered down or delayed.
“The amendments I and others from across the House have tabled address these deficiencies, as well as giving consumers better information and a chance to influence how their money is being invested. We see these measures as a critical part of the UK’s global leadership in advance of COP 26.”
Amendments tabled in Committee by Baroness Hayman (crossbench), Baroness Jones of Whitchurch (Labour), Baroness Altmann (Conservative) and Baroness Bennett (Green) are available here.
Peers for the Planet’s action in Committee were reported in the Financial Times and pensions sector media at Pension Sage and Professional Pensions:
Further information on our action on pensions legislation is here: