Consultation outcome

Climate and investment reporting: setting expectations and empowering savers

From:: Department for Work and Pensions
Published: 21 October 2021
Last updated: 17 June 2022 — See all updates

Applies to England, Scotland and Wales

Read the full outcome

Government response: Climate and investment reporting: setting expectations and empowering savers

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Reporting on Stewardship and Other Topics through the Statement of Investment Principles and the Implementation Statement: Statutory and Non-Statutory Guidance

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Statutory guidance: Governance and reporting of climate change risk: guidance for trustees of occupational schemes

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Government response: Climate and investment reporting: setting expectations and empowering savers

PDF, 535 KB, 53 pages

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Reporting on Stewardship and Other Topics through the Statement of Investment Principles and the Implementation Statement: Statutory and Non-Statutory Guidance

PDF, 324 KB, 30 pages

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Statutory guidance: Governance and reporting of climate change risk: guidance for trustees of occupational schemes

PDF, 563 KB, 54 pages

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Draft regulations: The Occupational Pension Schemes (Climate Change Governance and Reporting) (Amendment, Modification and Transitional Provision) Regulations 2022

PDF, 170 KB, 3 pages

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Detail of outcome

This is the government’s response to the consultation which ran from October 2021 to January 2022 ‘Climate and investment reporting: setting expectations and empowering savers’.

This document provides a high-level summary of the consultation responses received and the government’s response.

Original consultation

Consultation description

It is proposed that the Occupational Pension Schemes (Climate Change Governance and Reporting) Regulations 2021 are amended to require trustees subject to those regulations, to calculate and disclose a portfolio alignment metric setting out the extent to which their investments are aligned with the goal of limiting the increase in the global average temperature to 1.5 degrees Celsius above pre-industrial levels. This document therefore also consults on the draft Occupational Pension Schemes (Climate Change Governance and Reporting) (Amendment, Modification and Transitional Provision) Regulations 2022, and draft amendments to statutory guidance.

The consultation also seeks views on:

draft non-statutory guidance explaining best practice in relation to the Statement of Investment Principles (which describes trustees’ climate change and stewardship policies)
draft statutory guidance explaining our expectations across the Implementation Statement (which describes how they have implemented these policies)

About this consultation

Who this consultation is aimed at:

pension scheme trustees and managers
pension scheme members and beneficiaries
pension scheme service providers, other industry bodies and professionals
civil society organisations
any other interested stakeholders

Documents