Alok Sharma delivers speech on need for pension funds to invest in a green future

Article summary

The COP26 President, Alok Sharma, delivered a speech at the first Net Zero Pensions summit on 1 June 2021. Sharma highlighted the urgency for climate action, the importance of finance in achieving key climate change targets and the important role the pensions sector can play, with US$47trn in pension funds globally. Sharma also confirmed that 160 financial firms have already signed up to the Glasgow Financial Alliance for Net Zero, committing to reach net zero by 2050 at the latest and agreed to take steps to commit to exiting coal finance, increase investments in climate action in developing and emerging markets, protect nature and disclose climate risk in line with the Taskforce on Climate Related Financial Disclosures. Pension schemes involved include BT Pension Scheme, Aviva and the Church Commissioners of England.