Here are the climate-related sections of speeches by MPs during the Commons debate Pension Schemes Bill.
14:10 Helen Whately (Conservative)
Who knew that the Pension Schemes Bill would become so controversial? It is a Bill on which there was so much consensus; a Bill begun by one party in government and now being continued by another; a Bill that could have sailed through Parliament. But no, that was not to be, because the Government had an idea—a bad idea. Labour saw £400 billion-worth of pension funds, the savings built up through years of successful auto-enrolment, and it was tempted. We can picture Labour Members looking at the pensions piggybank and saying to each other, “Just imagine what we could do with that money—we could perhaps put it towards some of the Energy Secretary’s net zero schemes.” They have taxed the country to the hilt, they cannot bring themselves to make savings on welfare, and they have run the Treasury dry, so now they are coming for pensions.
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Neil Duncan-Jordan (Labour)
The local government pension scheme currently invests over £16 billion in fossil fuels, so we can see quite clearly that the voluntary approach to divestment has failed. Even now, ordinary working people’s wages—their hard-earned savings—are being channelled into accelerating a climate crisis that hits the global working class the hardest. Lords amendments 1 and 27 prevent the Government from setting down binding targets on certain investments, which makes it politically harder to bring down investments in fossil fuels. We know there is no retirement for any of us without a liveable environment. It sounds obvious, but that reality is not reflected in how pensions are currently managed, and the Government know this. Ministers in the other place acknowledge that investments in thermal coal—one of the most harmful fossil fuels—are high risk from both a climate and financial viewpoint. They are bad for the planet and bad for pension holders, who need stable, long-term investments.
This Bill was a major opportunity to redirect billions of pounds in workers’ pensions away from arms manufacturers and fossil fuel giants, and into investments that benefit the very people who are paying in. That means green energy.
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Neil Duncan-Jordan (Labour)
The investments that we could make through our pension funds could go into green energy, which is the growth engine of the future, as well as into affordable and social housing, which is so needed in this country. That should be underpinned by greater democracy in our pension funds, so that workers have a say in where their money is invested. I believe that if that was the case, they would certainly choose to put it not into arms manufacturers or fossil fuels, but into decent homes for them and their communities.
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Neil Duncan-Jordan (Labour)
We must accelerate the transition away from fossil fuels, even though some Members on the other side of the House seem to disagree with that. We must deliver long-term energy security and bring down bills through domestic green energy, but not only that. In this moment of deep crisis, the Government must pull every lever they can to lift the weight of the cost of living crisis, and that must include gearing our pension funds towards a fairer, more prosperous future.
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