7. (Glasgow Anniesland)
(SNP)
To ask the Scottish Government what it sees as the sustainable
development opportunities emerging from the decisions and
outcomes of COP26. (S6O-00386)
The Cabinet Secretary for
Net Zero, Energy and Transport ()
In advance of COP26, the Scottish Government recognised our moral
responsibility to respond to the urgent need for global action on
loss and damage. That is why the First Minister announced a £1
million partnership with the Climate Justice Resilience Fund to
help some of the world’s most vulnerable communities prepare for
and adapt to climate change, tackle structural inequalities and
recover from climate-induced loss and damage. Responding to calls
that activists and young people from those communities made
throughout COP26, the Scottish Government will treble, rather
than double, our climate justice fund, including £1 million to
specifically address loss and damage.
I would be grateful if the cabinet secretary could outline the
plans that the Scottish Government has to promote sustainable and
ethical pension options for public sector workers, and say
whether it considers pension investment to be an important avenue
through which we can boost business in sustainable and ethical
models, whether those are operating in Scotland or further
afield.
Of the five Scottish public pension schemes, four are unfunded
and therefore do not make direct investments; only the local
government pension scheme is funded. It is clear that
environmental, social and corporate governance issues can affect
the performance of investment portfolios. We are aware that some
Scottish local government pension funds have already signed up to
the principles of responsible investment and exercised a
preference in new investments with positive
ESG—environmental, social and
governance—characteristics, which they have set out in
their financial criteria.
I can also inform the member that Scottish ministers intend to
liaise with the Scottish Local Government Pension Scheme Advisory
Board with a view to launching a consultation on climate risk
reporting and on ESG standards for local
authority pension funds, in line with the recommendations of the
task force on climate-related financial disclosure for companies
to describe the impact of climate-related risks and opportunities
on organisational business, strategy and financial planning. I
assure the member that we intend to progress that work in a
timely fashion.
