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Fresh data from financial consultant Mercer suggests 95% of Europe’s pension schemes remain inactive on investment risks from climate change. Company and financial lawyers at ClientEarth have warned pension fiduciaries that considering climate-related financial risk to investment portfolios is part of their legal duty. |
ClientEarth lawyer Natalie Smith said: “The point has been reiterated by financial experts all over the world but it is taking too long to percolate: climate change can pose material financial risks to investments and those responsible for investing our money must take account of this. This is true at all stages of the investment process – from strategy setting to asset allocation to fund manager selection and retention. “Pension trustees are responsible for addressing climate risk at strategy level. If they fail to, they risk legal challenge for breach of their duties. “Unaddressed climate risk is a ticking time bomb. Pensions schemes must get ahead and make sure they have measures in place to protect themselves from climate-related loss – and regulators must encourage swifter action. We must see changes in investment practice now so that there are adequate safeguards in place.”
ClientEarth and responsible investment charity ShareAction recently referred UK local authority pension funds to the Pensions Regulator over inaction on climate risk in investment strategies. While some new investment strategy statements now address climate risk, there is still a long way for the industry to go. |
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