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To ask Her Majesty’s Government what assessment they have made of the possible impact of climate change on pensions funds; and whether they intend to invite the Prudential Regulation Authority to include this issue in its Climate Change Adaptation Report.
To ask Her Majesty’s Government what assessment they have made of the possible impact of climate change on pensions funds; and whether they intend to invite the Prudential Regulation Authority to include this issue in its Climate Change Adaptation Report.
The Climate Change Risk Assessment, published in 2012, identified the impact on investment funds from climate change. It found that impacts would be indirect but could be substantial and that it would be difficult to establish a link between impacts and financial performance. The assessment identified the increasing exposure of insurers due to flood risk.
As part of the current round of reporting under the Adaptation Reporting Power, the Prudential Regulation Authority (PRA) is focusing its report on the insurance sector and its role in addressing the increasing exposure of the sector to climate risks. It does not directly supervise pension funds.
The PRA’s report will inform our next national assessment of risk, due in 2017, and the National Adaptation Programme due around 2018.
My Lords, given that the noble Baroness recently replied to a debate on promoting a low-carbon economy, would she spell out the huge business opportunities that arise from promoting that low-carbon economy? What are the Government doing to help those opportunities arise?
My Lords, given that the noble Baroness recently replied to a debate on promoting a low-carbon economy, would she spell out the huge business opportunities that arise from promoting that low-carbon economy? What are the Government doing to help those opportunities arise?
The noble Lord is absolutely right. Of course, we have seen a real increase in the low-carbon sector; in the renewable sector itself we have seen since 2010 over £36 billion of investment come to the UK. It is a £3.2 trillion global marketplace out there of which we have a fair share of £128 billion. There is much more to do. There are great opportunities. As last week showed, Siemens sees the UK as an ideal place for investment, by investing over £300 million in Hull.
Lords question for short debate on what steps they are taking to help ensure that pension fund investments support the transition to a low-carbon economy.
Lords question for short debate on what steps they are taking to help ensure that pension fund investments support the transition to a low-carbon economy.