The Department for Work and Pensions has announced that they will be introducing new green pensions measures.
As such, pension schemes will be required to measure and publish how their investments support the Paris Agreement climate goal of limiting global warming to 1.5 degrees Celsius above pre-industrial levels. The Department has said that this will mean pension savers, “will be able to see the impact of their investments and better understand how climate risks are being considered and mitigated”, through new climate risk reports that will be published by their pension schemes.
Secretary of State for Work and Pensions, Thérèse Coffey said:
“We are making sure our pensions can be a superpower delivering prosperity for people – and the planet – by making changes to the rules about how they are managed. We’re paving the way for greener pensions which can offer sustainable returns for members while accelerating our net zero ambition and supporting local jobs.”
The announcement also comes ahead of a 3-week Green Nudge trial which will see pension scheme members encouraged to learn more about making greener pension choices.
For more information, read the full press release from the DWP.
