Pension Funds: Financial and Ethical Investments
Debate between Alex Sobel and Guy Opperman(4 years, 11 months ago)
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Guy Opperman
I will come on to some of those particular points. In terms of regulatory guidance, which has been raised by several hon. Members, there is no doubt that the Pensions Regulator is planning to publish further guidance on managing the climate change risk in advance of those regulations, which come in to place in October. A key point is that non-compliance with those regulations can potentially lead to sanctions from the Pensions Regulator, which is acutely mindful of its obligations and what it needs to do to address this particular point.
As a Government, we will respond shortly to the advice from the Energy and Climate Change Committee on the target for net zero emissions by 2050. That advice was only published two weeks ago. Colleagues will be aware of the 25-year environmental plan, which has been set out in detail. It commits to using resources from nature more sustainably and effectively, and achieving a clean air, water and wildlife approach.
Alex Sobel
The Minister began by saying that Parliament has declared a climate emergency. Do the Government also recognise and declare a climate emergency? His remarks on the recent report from the Energy and Climate Change Committee indicate that the Government must declare a climate emergency.
Guy Opperman
The hon. Gentleman and I went into the same Lobby when we voted on that matter. He has heard that the House gave universal support to the debate that was taking place. I am not here to make policy on behalf of the whole of the Government, but the Government will respond formally to the 2 May report shortly. He will have to bear with us until that stage.