DWP wants to discuss deforestation with pension funds
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Pensions minister Guy Opperman has said he will be reaching out to UK pension funds to discuss deforestation issues, stating that the UK is "putting forests front and centre of our global response to climate change" during its COP26 presidency.
"In the coming weeks we will be reaching out to UK pension funds, to help them further understand deforestation issues and how to manage this risk as effectively as possible," he said on Friday.
Opperman added that he was "pleased that several significant UK-based pension funds committed to transitioning their portfolios away from activities that are driving deforestation", noting that the TCFD requirements mean "shareholders, members, and constituents can now see and understand the progress that is being made".
"In the coming weeks we will be reaching out to UK pension funds, to help them further understand deforestation issues and how to manage this risk as effectively as possible," he said on Friday.
Opperman added that he was "pleased that several significant UK-based pension funds committed to transitioning their portfolios away from activities that are driving deforestation", noting that the TCFD requirements mean "shareholders, members, and constituents can now see and understand the progress that is being made".
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Ending deforestation would make the single largest contribution to greenhouse gases reduction targets for 2030, he said, taking 3.5 gigatons of carbon out of the system every single year, or 10% of the emissions reductions needed in this decade.
British people "care passionately about making sure their savings are part of the solutions", he claimed. "They deserve to know whether pension fund managers are using their hard-earned money in a way that jeopardises or prioritises the future for which they are saving."
