Department of Work and Pensions climate risk governance and reporting

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Consultation

Department of Work and Pensions Climate Risk Governance and Reporting Consultation

12 March 2021

We respond to the Department of Work and Pensions’ (DWP) consultation, 'Taking action on climate risk: improving governance and reporting by occupational pension schemes'.

We welcome the important step taken by DWP in developing a regulatory framework for mandatory TCFD reporting by pension schemes. However, we outline further measures needed to take action on climate risk, including developing a framework that addresses how investment portfolios are Paris-aligned and urging the UK Government to take a clear and joined-up approach to implementing TCFD.