Question to the Department for Work and Pensions:

To ask the Secretary of State for Work and Pensions, what recent steps she has taken to promote a sustainable pensions industry at COP26.

The UK leads the world on this issue. The UK was the first country in the world both to make climate disclosures in line with the Task Force on Climate- Related Financial Disclosures (TCFD) recommendations mandatory for occupational pensions schemes, and to consult on measures to require pension schemes to measure and report their alignment with the Paris Agreement on climate change. Our work on ESG is recognised worldwide. DWP are also consulting on guidance for trustees to improve stewardship and voting which will be key to ensuring high-carbon assets transition to net zero.

The Secretary of State played a very active role in encouraging other countries and industry to follow this precedent and to commit to TCFD/Paris aligned reporting for their pension sector at COP26. The Secretary of State also introduced a session to focus on mobilising finance to fight climate change in emerging markets and developing countries, which will be crucial in the fight against climate change.