Pension funds warned of possible legal action on climate

14 Aug Pension funds warned of possible legal action on climate

BusinessGreen reports that environmental legal charity ClientEarth has written to 14 large pension funds in the UK, outlining how they could face legal action if they do not do more to respond to the risks posed by climate change. The letter outlines how they are not sufficiently managing and disclosing the climate risk of their investment portfolios, and that this runs contrary to the legal duties of pension fund trustees. ClientEarth also highlighted that they are falling significantly behind the wider market, stating that ‘given the rapidly evolving market response to climate risk, the possibility of a claim being made against you for taking insufficient steps on climate risk is increasing.’

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