Increases Support: Pension Schemes and Climate Breakdown

increases support: During the last few years a number of pension schemes have taken action to protect their members from the risks associated with climate breakdown by reducing their exposure to companies with reserves of coal, oil and gas, according to The Guardian. Some have pulled all of their funds out of these companies, while others have chosen to apply a positive tilt that increases support for businesses identified as vital to combating the climate crisis, such as those working on renewable energy, while at the same time reducing investment in firms that are heavy carbon emitters, have fossil fuel reserves or are not making the sorts of changes needed to meet emission reduction targets. The pensions minister, Guy Opperman, is due to tell a conference that pension and investment managers must do the right thing and take their environmental and social responsibilities seriously to help combat the climate emergency. In April, the Guardian revealed that parliament's pension fund trustees were to reconsider the rules of their investments to take account of the risks posed by the climate emergency. However, Opperman is due to tell an Association of British Insurers conference on long-term saving The financial risks from climate change are too important to ignore. Meanwhile, rules taking effect in October will require UK pension fund trustees to set out how they take account of financially material considerations, including climate change . Ministers have previously stated that it was government policy not to direct the investment decisions or strategies of pension scheme trustees. (news.financializer.com). As reported in the news.