Britain’s biggest companies, investors and pension funds must come clean to investors on the financial risks they face due to the climate crisis, MPs have said. The environmental audit committee (EAC) has called for the City of London to face mandatory climate reporting within the next three years to avoid jeopardising hundreds of billions of pounds worth of pension savings. The cross-party committee of MPs criticised ministers for failing to take specific steps to drive forward climate disclosure plans, despite publicly supporting international recommendations. The MPs urged the government “to clarify in law” that pension funds have a duty to take into account long-term environmental risks to protect their savers. The report comes just weeks after the Treasury outlined plans to force firms and funds to show how the climate emergency could jeopardise their finances.
Guardian 12th Aug 2019 read more »