Mark Conrad 27 July 2023

'Flawed' climate change advice putting pension funds at risk

Flawed climate change advice putting pension funds at risk image
Image: Andrii Yalanskyi / Shutterstock.com.

Local Government Pension Scheme (LGPS) funds are being put at risk by ‘flawed’ advice on the financial impact of climate change, according to a major new study.

A report by the think-tank Carbon Tracker, which monitors the impact of climate change on financial markets, suggested many high-profile consultants to the LGPS were underestimating the likely consequences of global warming on pension fund investments.

Last year the Department for Levelling Up, Housing and Communities consulted the LGPS on reporting of climate risks and urged funds to obtain ‘proper advice’.

But, according to Carbon Tracker, many LGPS funds have continued to rely on investment advice from consultants who draw on economic analyses that underplay climate change ‘tipping points’ and the likely impact on global markets.

Carbon Tracker warned: ‘Funds are advised global warming of 2 to 4.3C will have minimal impact on members’ portfolios, contrasting with scientific research suggesting warming on this scale would pose an existential threat to human civilisation.’

This article was originally published by The MJ (£).

SIGN UP
For your free daily news bulletin
Highways jobs

Benefits Service Manager - SEL Mind

Royal Borough of Greenwich
£32,508 per year
We are looking for a Benefits Service Manager with significant experience of working within welfare benefits. Greenwich, London (Greater)
Recuriter: Royal Borough of Greenwich

Highways Development Management Engineer

West Northamptonshire Council
£41,816 - £45,175
At West Northamptonshire Council, we’re looking for a motivated and enthusiastic Highways Development Management Engineer to join our Highways and Transport Service. You’ll be at the heart of shaping how new developments across the area impact our tra Northampton
Recuriter: West Northamptonshire Council

Transport Project Officer

West Northamptonshire Council
£34,203 - £37,067
We are seeking an enthusiastic and motivated project officer to work in our Highways and Transport Service. You will play a key role in translating our transport plans and strategies into reality, improving connectivity and encouraging travel by sustainab Northampton
Recuriter: West Northamptonshire Council

Project Officer - Family Help - WMF2248e

Westmorland and Furness Council
£34,434 - £35,412
We have an exciting opportunity for an experienced Project Officer to work across our Family Help and Family Hub services. Cumbria / Various
Recuriter: Westmorland and Furness Council

Programme Control Officer - WMF2247e

Westmorland and Furness Council
£38,220- £39,152
The Capital Programme team is responsible for the core delivery of the Council’s c. £80-100m/year Capital Programme Cumbria / Various
Recuriter: Westmorland and Furness Council
Linkedin Banner