Pensions - Articles - Trustees should be better equipped to manage climate risk

The Taskforce on Climate-Related Financial Disclosures (TCFD) consultation closed at 11.45pm yesterday, Amanda Latham believes trustees have been given the tools that needs to be applied.

  Amanda Latham, Associate and Policy & Strategy Lead at Barnett Waddingham, commented: “As the consultation comes to a close, pension schemes trustees should be better equipped to be managing climate risk. This is no easy task; climate change is an urgent problem, but trustees need to know where to start to take action. The TCFD’s guidance focuses on governance, risk and strategy, which more trustees need to be considering and structuring within individual schemes.

 "The use of case studies should bring to life for trustees how they can be delivering good practice and allow them to frame this within legal and fiduciary duties, where there is still a significant lack of clarity. But there is still so much more to be done, and the TCFD’s guidance is by no means a comprehensive framework. Trustees have been given the tools but need to make sure that they’re applied to their own schemes. Ultimately, greater collaboration across the industry is needed to improve sustainability and the governance of UK pensions.”

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