British pension funds may soon need to explain how they are fighting climate change under a global framework as the U.K. aims to reach carbon neutrality by 2050. “We’ve already introduced regulations that require pension trustees to set out their policy on climate change, but now we’re taking things a step further,” Ms. Coffey said in prepared remarks. “Pension schemes shouldn’t be dragging their heels when it comes to their climate change strategy.”U.K. pension funds managed some $2.8 trillion in assets in 2018, according to the Organization for Economic Co-operation and Development. “I believe in the power of transparency to spur action on climate change through market forces.”The TCFD didn’t immediately respond to a request for comment. BT Group PLC, Royal Bank of Scotland Group PLC and BP PLC, which manage some of Britain’s largest pensions, didn’t immediately respond to a request for comment.

Source: Wall Street Journal February 12, 2020 13:02 UTC