Climate Change

The £2.7bn Dyfed Pension Fund will move 15% of its assets into low-carbon equity portfolios in a move to reduce its carbon footprint by screening out fossil fuel and thermal coal exposure.

The defined contribution (DC) market must pay more attention to climate change, according to The Pensions Regulator (TPR).

The carbon emissions in Aegon UK’s default pension funds will be slashed in half by 2030 under a longer-term plan to reach a net-zero position by the middle of the century.

The Barclays Bank UK Retirement Fund (Barclays UKRF) has integrated ESG factors and climate risk into a £1.3bn diversified growth fund (DGF) portfolio used for its defined contribution (DC) scheme.

The Make My Money Matter campaign has launched a satirical pensions film to highlight the environmental impact of pension savings.

Legal & General Investment Management (LGIM) has launched a climate transition index equity fund for defined benefit and defined contribution investors.

Dr Pooja Khosla and Amer Khan argue that schemes should use their monetary power to seek change rather than divest.

Legal and General Retirement (LGR) has committed to cutting the carbon emission intensity of its annuity book by half by 2030, while the overall group targets a net-zero portfolio by 2050.

Half of scheme representatives believe the current fiduciary duty of trustees hinders them in their ability to address climate change, according to a poll by XPS Pensions Group.

Carbon capture, hydrogen, nuclear, electric vehicles (EVs) and renewables all set to benefit from £12bn government stimulus plan, but critics warn funding falls well short of the level required to trigger a green recovery.