Consultation outcome

Climate and investment reporting: setting expectations and empowering savers

This was published under the 2019 to 2022 Johnson Conservative government

Applies to England, Scotland and Wales

This consultation has concluded

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

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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

Summary

Consultation seeking views on the policy proposals on Paris alignment reporting, accompanying draft regulations and statutory guidance, and draft statutory/non-statutory guidance explaining DWP’s expectations on Implementation Statement reporting and the Statement of Investment Principles.

This consultation ran from
to

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

Updates to this page

Published 21 October 2021
Last updated 17 June 2022 + show all updates
  1. Added the response to the consultation: 'Climate and investment reporting: setting expectations and empowering savers'.

  2. Updated consultation closing date to 11:45pm on 6 January 2022.

  3. First published.

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