Luxembourg’s €19bn pension fund has pledged to analyse the climate risks of its investments following a court battle with Greenpeace Luxembourg.
Ferdinand Lepage, president of the Fonds de Compensation (FDC) - which functions as a general national pension scheme - said in a letter to Greenpeace Luxembourg that the fund’s next sustainability report would include a detailed analysis of the carbon footprint and the climate-related financial risks of its investments.
It comes after the NGO took Roman Schneider, the Minister for Social Security and supervisor of the FDC, to Luxembourg’s courts, arguing that, under EU law, FDC was obliged to disclose information on climate related risk.
The judge ruled the case was admissible, but said there was no legal basis for the Minister to provide the information.
After the “partial win” in court, Greenpeace Luxembourg said it would look into the responsibilities of the board of directors of the FDC.