Question to the Department for Energy Security & Net Zero:

To ask the Secretary of State for Energy Security and Net Zero, if he will take steps with the Secretary of State for Work and Pensions to encourage occupational pension schemes to invest in clean energy (a) projects and (b) infrastructure.

The Government is committed to working with the pensions sector to transition to net zero. DESNZ collaborates with DWP and others in Government on this.

Pension schemes in scope of DWP’s requirements must produce an annual Taskforce on Climate-related Financial Disclosures report. In the manifesto, we committed to mandate listed companies, financial institutions and pension funds to develop and implement credible transition plans that align with the 1.5°C goal of the Paris Agreement. The Government will consult in the first half of this year on how best to take this forward.

The Government is also exploring ways to unlock the investment potential of the Local Government Pensions Scheme, through asset pooling for investment into climate-related projects.