Only Three UK Pension Providers Adequate on Climate Action
A recent scorecard by Make My Money Matter has revealed that only three out of the UK's 20 largest defined contribution (DC) pension providers have adequate climate plans. The scorecard measured providers on several key aspects, including commitment to limit global temperatures, target setting, investments in climate solutions, and exposure to fossil fuels and deforestation.
The report found that around half of all providers have at least adequate investments in climate solutions. However, climate campaigners have raised concerns, as the majority of UK DC providers have been criticised for not taking sufficient action on climate change. While some providers have made advances in stewardship, many still have significant exposure to fossil fuels. Only four DC providers have restrictions on fossil fuel investments in place. Notably, six of the UK's largest DC providers were rated as 'inadequate' in their climate protection target statements.
The findings highlight the need for UK DC pension providers to strengthen their climate action plans. With only three providers meeting the criteria for adequate climate plans, there is significant room for improvement. Make My Money Matter's scorecard serves as a call for providers to enhance their commitment to limiting global temperatures, setting clear targets, and reducing exposure to fossil fuels and deforestation.
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