UK pensions regulator says pension schemes must not ignore climate change

LONDON (Reuters) – Britain’s pension schemes should not ignore climate change, a senior executive at the Pensions Regulator said on Monday, after a senior HSBC banker downplayed the financial risks of climate change last week.

“We believe that any system that ignores climate change ignores a major risk to retirement savings and misses out on investment opportunities,” said David Fairs, the regulator’s chief policy officer, regulatory analysis and advice,

said in an emailed statement.

“Climate change is of systemic importance for pension schemes and for our role as regulator.”

A senior HSBC banker in charge of sustainable investments said last week that policymakers at central banks and other global authorities were exaggerating the financial risks of climate change.

(Reporting by Carolyn Cohn, editing by Lawrence White)