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Engaging with esg: climate change report
One of the most defining global issues of today is climate change. With weather patterns shifting, sea levels rising, carbon dioxide concentrations increasing and continual threats to food production, every industry has a role to play to create a tide of change. Without immediate action, the United Nations predicts more than 140 million people in Sub-Saharan Africa, Latin America and South Asia will be forced to migrate within their regions by 2050, causing major threats to international peace and security.
As the UK’s largest long-term savings and retirement business, Phoenix Group serves 14 million policyholders which is both a huge privilege and a great responsibility. It is our duty to ensure that these savings are a force for good and do not harm our planet or our environment.
We have sponsored a landmark report, called ‘Engaging with ESG: Climate change’, which explores the way in which pension scheme investment takes into account climate change within the current regulatory landscape, and explores the proposals for more effective support to encourage evolution and improved risk mitigation. The report is the second output from the Engaging with ESG series from the PPI.
What the report has found is that when pension schemes design their approach to ESG, half of schemes are finding either too much information or conflicting information to be a major challenge. The report recommends that joined-up goals, strategies and data sources across government and industry will improve scheme engagement with climate change. This includes establishing a consensus on goals across all stakeholders to ensure climate change considerations are integrated across the investment landscape by a certain date and agreed steps on how to get there.
What is clear from this report is that there is no easy or quick fix to the issues we face. Both industry and government must work hand in hand to establish a consolidated strategy, with simpler, centralised data sources. This lack of a harmonised reporting process is proving to be a substantial barrier to improving the effectiveness of risk mitigation in schemes’ investment strategies.
