17 Dec 2021

On 21 October the Government Department for Work and Pensions (DWP) published an open consultation on Climate and Investment reporting: setting expectations and empowering savers.

The consultation seeks views on policy proposals on Paris alignment reporting. It is proposed that the Occupational Pension Schemes (Climate Change Governance and Reporting) Regulations 2021 are amended to require trustees subject to those regulations, to calculate and disclose a portfolio alignment metric setting out the extent to which their investments are aligned with the goal of limiting the increase in the global average temperature to 1.5 degrees Celsius above pre-industrial levels. The consultation includes related draft regulations and statutory guidance, and draft statutory/non-statutory guidance explaining DWP’s expectations on Implementation Statement reporting and the Statement of Investment Principles.

The deadline for responses to this consultation is 6 January 2022. AREF’s ESG Disclosures Working Group has drafted this response.  This has been overseen by AREF’s Public Policy, ESG & Impact Investing and Investor Committees. If you have any comments regarding AREF’s response, please advise Jacqui Bungay (jbungay@aref.org.uk) by Tuesday 4 January 2022.


Jacqui Bungay

Jacqui Bungay

AREF Policy Secretariat , AREF

Jacqui provides policy guidance and secretariat services to the AREF Board and AREF Management Committee as well as the following AREF Committees: Corporate Governance, ESG & Impact Investing, Investor, Public Affairs, Research and Information and Retails Funds. In addition, Jacqui monitors members’ compliance with AREF’s Code of Practice. 

Jacqui joined AREF in 2014 after working for over 25 years in fund compliance, client relationships and administration at Natwest Trustee & Depositary Services.