The full power of pensions needs to be used to reduce climate risk in savers’ portfolios and help push the UK towards achieving net zero in the future, Work and Pensions Secretary of State Thérèse Coffey has urged.
In a speech to mark Finance Day at COP26, Coffey outlined how billions of pounds sitting in pension funds could be used to push for a greener future and set an example to the rest of the world.
She explained pensions was a sector that had a massive part to play in helping the UK get to net zero, with about 85 per cent of defined contribution pension savers already being in a scheme which has a net zero target.
But this needs to go further as there are currently tens of trillions of pounds of pension funds investment globally, Coffey said…
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