Oral Answers to Questions

Debate between Thérèse Coffey and Robert Largan

Monday 25th January 2021 Commons Chamber

[Robert Largan (High Peak) (Con) [V]]

I have often talked about my ambition for High Peak to be the capital for tackling climate change. I welcome the Government’s commitment to protecting our environment, including the big increase in funding for the restoration of High Peak’s moorlands. We all have a part to play in tackling climate change, and with trillions in assets available to them, can I ask the Secretary of State what steps the Government are taking to ensure that pension funds make more environmentally sustainable investments in future?

[Dr Coffey]

My hon. Friend is right to highlight the key role that pension scheme assets can play in tackling climate change. The UK is already leading the way on this issue, thanks to actions taken by the Government, but particularly by my hon. Friend the Member for Hexham (Guy Opperman), the excellent Minister for Pensions. In 2018, we introduced key environmental, social and corporate governance legislation for occupational pension scheme investments, and we have gone further with the pension scheme legislation that is currently awaiting Royal Assent. It makes the UK the first major economy to put assessing climate risk and disclosure into statute for pension schemes, a point that we will continue to reinforce as we run up to hosting COP26, and we encourage other countries to do likewise.