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LCP responds
to new guidance to help trustees manage climate related risks

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New draft guidance has today been published by the Pension Climate Risk Industry Group (PCRIG) to help trustees manage and report climate-related risks in line with the Government's Green Finance Strategy

Claire Jones, Head of Responsible Investment at LCP and member of the Pensions Climate Risk Industry Group (PCRIG), commented:

“Trustees need to start taking climate change seriously and acting accordingly. While this latest guidance isn’t mandatory and is subject to consultation, it will help trustees meet their existing legal duties and respond to the rapidly increasing expectations from policy makers, regulators and scheme members. Some trustees may feel overwhelmed with the increasing amount of information in this area, but the quick start guide provides an accessible entry point for trustees and they should read it now. The full guidance has comprehensive suggestions for climate action and will be particularly useful for large schemes which are expected to report in line with the TCFD recommendations by 2022.”

Note: The Government’s Green Finance Strategy, published in July 2019, set the expectation that listed companies and large asset owners would report in line with the recommendations of the Taskforce on Climate-related Financial Disclosures (TCFD) by 2022.

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