The Director of Pensions introduced this report which informed Members of a consultation by the Department for Levelling Up, Housing & Communities (DLUHC) seeking views on proposals to require Local Government Pension Scheme (LGPS) administering authorities in England and Wales to assess, manage and report on climate-related risks, in line with the recommendations of the Taskforce on Climate-related Financial Disclosures (TCFD). The consultation was to end on 24 November 2022. It did not just concern carbon metrics but also governance, strategy on climate risks, risk management and targets. It was envisaged that Funds produce their own individual reports and that these feed into a report for the LGPS in England and Wales as a whole.

Members noted that most companies who were dealt with in the Fund had their own targets but it was a challenge identifying those who are taking steps as opposed to relying on not created products. If there was a financial risk forecast in future because of any lack of actions then the Fund would reduce its investment.

The Chair proposed amendments to add Party Spokespersons to the consultation on the final submission and to add to December’s agenda the answers to the questions. This was seconded by Councillor George Davies and approved.

Resolved: That

(1)   officers be authorised, in consultation with the Chair and Party Spokespersons, to respond to the consultation on behalf of the Fund

(2)   officers be authorised, in consultation with the Chair and Party Spokespersons, to agree a response to the consultation in respect of the Northern LGPS Investment Pool’s submission.

(3)   the response to the consultation questions be added to the agenda for the December meeting of the Pensions Committee.