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ARTICLE · 28 JULY 2021

Part 1 – Going For Green: Climate Risk Governance And Reporting Requirements For Occupational Pensions

Wedlake Bell LLP
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On 8 June 2021, Guy Opperman (Minister for Pensions and Financial Inclusion) announced the final versions of two sets of regulations 1 .

United KingdomEmployment and HR
Justin McGilloway
Justin McGilloway

A new regulatory framework...
On 8 June 2021, Guy Opperman (Minister for Pensions and Financial Inclusion) announced the final versions of two sets of regulations 1 (which have now been laid before parliament) which are designed to regulate how trustees of certain trust-based occupational schemes must engage with, and report on, climate change risk as part of their duties (see our March 2021 article for further background Climate Risk for Pension Schemes - the regime from October 2021 - Wedlake Bell).

The DWP also published accompanying 50 pages of statutory guidance which amongst other things sets out how trustees should be meeting climate change governance requirements, the level of trustee knowledge and understanding of climate-related risks and detail on the reporting requirements originally recommended by the Taskforce on Climate-related Financial Disclosures ("TCFD"). The guidance also contains detail on how and when the reporting disclosures must be

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