Oral Answers to Questions

Jack Dromey Excerpts

Monday 19th October 2020 Commons Chamber

[Guy Opperman]

I agree with my hon. Friend. The Government are setting a regulatory framework and enabling pension funds to make sustainable investments happen, whether that is through the Bill itself or through our illiquid investments proposals, which will see renewables, hydrogen and potentially new nuclear. We do not believe in divestment, but we welcome the change in investment practice that is already beginning to take place, although we want to see more.

[Jack Dromey (Birmingham, Erdington) (Lab) [V]]

With David Attenborough urging pension funds to move away from fossil fuels, it is hugely welcome that the Government have joined Labour to incorporate in legislation, for the first time ever, climate change commitments on pension funds. Now we must translate our ambitions into action. Previously, the Minister has received positively our proposal for a pension fund summit. Will he now agree to work with us—across party and bringing together the world of pensions to save our planet—to organise a cross-party climate change summit, because this is the biggest form of investment potentially worldwide in climate change pension funds?

[Guy Opperman]

As the hon. Gentleman knows, we are already working with a large number of pension funds and also with companies. We all want to see a safer, better and greener pension system. I am happy to work with him on an ongoing basis, and I am happy to reach out on a collaborative basis on this particular issue, which matters to all of us.