Written question WQ84178
- Asked by
- Jack SargeantLabour
- To be answered by
- Minister for Climate Change
- Tabled
- Due
- Answered
- Time to answer
- 7 days
Question
What work has the Welsh Government done to support disinvestment of public sector pensions from fossil fuels?
Answer
Answered by Minister for Climate Change
The majority of pension schemes offered by devolved public services have member benefits directly funded by contributions and topped up by HM Treasury. The Local Government Pension Scheme (LGPS) is an exception as LGPS member benefits are underpinned by investment funds.
Whilst responsibility for LGPS is not devolved, the Welsh Government recognises that investment funds such as LGPS can play an important role in tackling climate change and achieving net zero. LGPS funds are not included as part of the public sector ambition to achieve net zero by 2030 as they do not fall within the agreed scope. The Local Government Wales Pension Partnership announced a new decarbonisation initiative across £2.5bn of its investments in April last year. We will continue to work with local government and encourage further and faster action.