WQ93008 (w) Tabled on 23/05/2024

Further to WQ81031, will the Cabinet Secretary give an update on the progress regarding the divestment of local government pension funds?

Answered by Cabinet Secretary for Housing, Local Government and Planning | Answered on 05/06/2024

Since the Government’s response to WQ81031 Welsh Ministers have continued to work with Local Authority leaders to strongly encourage further progress on decarbonising Welsh local government pensions.  The Welsh Government has no powers to direct the investment decisions of Pensions Authorities.  Decisions on investments are made by elected members of the 8 Local Government Pensions Authorities in Wales and the Wales Pension Partnership.  Pensions Authorities need to understand and respond to the climate impacts, risks and opportunities of their investment decisions.  The Wales Pension Partnership has published a plan and assessment of progress for the increasing proportion of the £22bn of Local Governent pension assets within its control in its All Wales  Climate Report in February this year.  wpp-2023climatereport_11032024.pdf (walespensionpartnership.org)