The chairs of some of the UK’s biggest pension funds, including the BT Pension Scheme, Barclays UK Retirement Fund and HSBC Bank Pension Trust, have committed to set Net Zero targets over the next year.
As part of Prince Charles’ Accounting for Sustainability Project (A4S), 14 UK pension chairs, who collectively manage £267.9bn of pension assets, have committed to set targets to align their investment portfolios with a 1.5°C pathway.
In a statement published yesterday, the chairs said they also expect their service providers to support their Net Zero ambition. The signatories added their ability to uphold their fiduciary duty in providing long-term, risk-adjusted returns to their members is “threatened by the impact of climate change, both now and in the future”.
The signatories commit to five actions over the next 12 months including being an active shareholder on the issue and managing physical and transitional climate risks within the…