UK's Largest DC Pension Providers Lag on Climate Action, Study Finds
A recent study by Make My Money Matter has revealed a mixed picture of UK's largest defined contribution (DC) pension providers' commitment to tackling climate change. While some show progress, many still lag behind in adequate climate action.
The research evaluated providers on their commitment to the 1.5°C temperature limit, disclosure, target setting, climate solutions investments, fossil fuel exposure, deforestation exposure, and stewardship efforts. Only three providers - Nest, Aviva, and Legal & General - received an 'adequate' rating for their climate plans.
The majority of the UK's largest DC providers were criticized for not doing enough to combat climate change. A staggering 13 out of 20 providers were deemed to have 'inadequate' climate plans. Despite this, around half of all providers have at least adequate investments in climate solutions. However, many still have significant fossil fuel exposure, indicating a need for further action.
While some providers have made strides in stewardship, only four - whose names were not explicitly listed - have implemented restrictions on fossil fuel investments. This highlights the urgent need for more providers to adopt such measures to align with the Paris Agreement goals.
The findings underscore the urgent need for UK's largest DC providers to enhance their climate action efforts. With only three providers currently meeting the 'adequate' standard, there's ample room for improvement. Increased fossil fuel restrictions and greater investment in climate solutions are crucial steps providers must take to ensure a sustainable future for pension holders.
Read also:
- chaos unveiled on Clowning Street: week 63's antics from 'Two-Tier Keir' and his chaotic Labour Circus
- Racing ahead in Renewable Energy Dominance: Changzhou, Jiangsu Pushes for Worldwide Renewable Energy Ascendancy
- Renault Group to Discuss Decarbonization and Circular Economy Strategies at ChangeNow 2023 Event
- Public remains oblivious to potential hazards at gas export facilities, due to confidentiality surrounding their operations
