Pension schemes required to reveal climate portfolios.
The Department of Work and Pensions presumes this paves the way for greener pensions among an economic progression to net zero.
“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 handled, Work and Pensions Secretary Thérèse Coffey stated.
“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 measures are part of a consultation response published last week as Ms Coffey visited Abbey View Produce in Bury St Edmunds, developed with financial backing from UK pension funds managed by Greencoat Capital.
It is allegedly to be a world first low carbon heating and greenhouse facility, demonstrating the capability of pensions and their role in relation to the net zero goal.
“The greenhouses are a brilliant example of how pension funds can have a direct impact. Abbey View at Bury St. Edmunds are decarbonising UK horticulture, improving food security and creating employment whilst delivering secure income for pensioners James Samworth of Greencoat Capital said.
“Renewable energy more broadly is a great asset class for pension funds, matching their liabilities with long term, inflation-linked returns.”
The publication comes ahead of a three-week ‘Green Nudge’ trial that will see pension scheme members encouraged to learn more about making greener pension choices.
Pension schemes required to reveal climate portfolios.
