Applies to England, Scotland and Wales
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Detail of outcome
This is the government’s response to the consultation which ran from October 2021 to January 2022 ‘Climate and investment reporting: setting expectations and empowering savers’.
This document provides a high-level summary of the consultation responses received and the government’s response.
It is proposed that the Occupational Pension Schemes (Climate Change Governance and Reporting) Regulations 2021 are amended to require trustees subject to those regulations, to calculate and disclose a portfolio alignment metric setting out the extent to which their investments are aligned with the goal of limiting the increase in the global average temperature to 1.5 degrees Celsius above pre-industrial levels. This document therefore also consults on the draft Occupational Pension Schemes (Climate Change Governance and Reporting) (Amendment, Modification and Transitional Provision) Regulations 2022, and draft amendments to statutory guidance.
The consultation also seeks views on:
- draft non-statutory guidance explaining best practice in relation to the Statement of Investment Principles (which describes trustees’ climate change and stewardship policies)
- draft statutory guidance explaining our expectations across the Implementation Statement (which describes how they have implemented these policies)
About this consultation
Who this consultation is aimed at:
- pension scheme trustees and managers
- pension scheme members and beneficiaries
- pension scheme service providers, other industry bodies and professionals
- civil society organisations
- any other interested stakeholders