WPC launches pension stewardship inquiry ahead of COP26

The Work and Pensions Committee (WPC) has launched an inquiry into how the government’s approach to pension scheme stewardship can inform, and should be informed by, approaches taken internationally, ahead of COP26.

The inquiry, which opened today (29 April), will run until 18 June, and is seeking views on a number of questions, both from individuals and organisations.

It was launched following the introduction of “world leading regulations" earlier this year, which will require larger schemes and master trusts to up their climate-related governance and disclosures, with expectations that the new reporting requirements will be on the statute book ahead of COP26.

Queries in the call for evidence include how pension schemes should contribute to setting COP26 targets and helping to achieve these targets when agreed, and whether there are suitable financial products to enable pension funds to make climate-conscious investments.

It is also seeking views as to what role international standards should have in supporting pension schemes to assess climate change risks, and how the UK should seek to share and learn from international best practice.

Further questions focus on what regulatory changes or other government action has been most effective in delivering change in the UK, and whether pension schemes have suitable information to asses climate risk, or whether international reforms to financial reporting are needed.

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