UK's Biggest Pension Providers Lag on Climate Action
Climate campaigners have raised concerns about the UK's largest defined contribution (DC) pension providers, with a new scorecard revealing that many are lagging behind in their climate action plans.
Make My Money Matter, a climate campaign group, has assessed 20 of the UK's biggest DC providers. The scorecard found that 13 have 'inadequate' climate plans, with only Nest, Aviva, and Legal & General scoring 'adequate'.
Campaigners flagged major providers such as Mercer, Hargreaves Lansdown, SEI, and The People's Pension for not doing enough to tackle climate change. While some providers have made progress in stewardship, many still have significant exposure to fossil fuels. However, around half of the providers have at least adequate investments in climate solutions. The scorecard measured providers on their commitment to limit global temperatures, target setting, investments in climate solutions, fossil fuel exposure, deforestation exposure, and stewardship efforts.
The findings highlight the need for UK DC providers to step up their climate action. With only four providers having restrictions on fossil fuel investments in place, there is still much work to be done. Campaigners urge providers to align their investments with the Paris Agreement goals and increase transparency in their climate-related activities.
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