Pension Funds: Recommendations Firms and Climate Impact

pension funds: The cross-party committee of MPs criticised ministers for failing to take specific steps to drive forward climate disclosure plans, despite publicly supporting international recommendations, according to The Guardian. Firms must document climate impact on profits, Treasury says Read more The MPs urged the government to clarify in law that pension funds have a duty to take into account long-term environmental risks to protect their savers. The environmental audit committee EAC has called for the City of London to face mandatory climate reporting within the next three years to avoid jeopardising hundreds of billions of pounds worth of pension savings. The report comes just weeks after the Treasury outlined plans to force firms and funds to show how the climate emergency could jeopardise their finances. The new plans would take effect by 2022 and include financial services firm, too. The committee said it did not believe a voluntary approach would be effective and instead called for climate risk reporting to be mandatory on a comply or explain basis by the same deadline. (news.financializer.com). As reported in the news.