Warning to industry

Pensions leaders told to follow Greta’s call on climate change

Richard Butcher

Richard Butcher: warns of a dereliction of duty (pic: Terry Murden)

Pensions industry leaders will today be urged to “go beyond minimum compliance” and do more to tackle the risk posed by climate change.

Richard Butcher, chairman of the Pensions and Lifetime Savings Association (PLSA), will say that climate change affects every sector and demands a change in how the industry behaves.

Against a backdrop of falling share prices driven by the impact of the coronavirus, Mr Butcher will tell 1,000 delegates attending its annual conference in Edinburgh that, thanks in part to Greta Thunberg and Extinction Rebellion, savers want pension schemes to act on their environmental responsibilities.

“Climate risk is a systemic risk which affects every sector, every business model and, at its extremes, every company,” Mr Butcher will say.

“And that means, as investors or advisers to investors of over a trillion pounds, it affects us, the members of the PLSA. We simply cannot ignore it. Indeed, in my view, if we were to it would be a dereliction of our duty.”

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