A six-week consultation on new climate disclosure rules for the UK’s pension sector started on 26th August. Under the proposed changes, pension schemes with £5bn or more in assets under management will be required to both assess and publicly report on the physical and transition risks facing assets in their portfolios by the end of 2022.
Smaller schemes which still have more than £1bn of assets under management would then be subjected to the same requirements by the end of 2023. To ensure that disclosures are uniform, pension schemes will be mandated to follow the recommendations of the Taskforce on Climate-related Financial Disclosures (TCFD).
According to the Department of Work and Pensions’ Secretary of State, once this roll-out is complete, 70% of the UK’s pension sector, in terms of assets under management, would be covered.
United Kingdom
Risk
Forest Area
Paper Mills 9
| Mill |
|---|
| Antalis Antalis |
|
| Burneside Mills James Cropper Specialty Paper Ltd |
|
| Caledonian UPM Kymmene |
|
| Chartham Paper Mill Ltd. Arjowiggins Fine Papers |
|
| Holmen Board and Paper Limited Holmen Board and Paper |
|
| new Example mill New Example Mill group |
|
| Stoneywood Mill Arjowiggins Fine Papers |
|
| Tullis Russell Tullis Russell Group Ltd |
|
| Winter & Company Winter & Company |
Forest Legislations 2
UK's largest pension schemes set for mandatory climate risk reporting
UK sets out law to curb illegal deforestation and protect rainforests
The UK government has proposed to introduce a new law to prohibit large business operating in the UK from using products that are from illegally deforested land as per local laws. Businesses that fail to carry out due diligence on their supply chains and make that information public would face fines. This proposed legislation will be on consultation for six weeks. Critics say that the proposal is flawed partly because the local laws on forest protections might be absent or have loopholes.
UK's first free nationwide recycling for contact lenses
TerraCycle and Johnson & Johnson Vision have launched the ACUVUE Contact Lens Recycle Programme, the UK's first free nationwide programme allowing consumers to recycle contact lenses and their packaging after use. The partnership with Boots Opticians and other independent stores will provide over 1,000 public drop-off locations for the waste across the UK.
What have the Book Chain Team been working on?
Over the past few months, our annual Book Chain Project conference has been the focus for the team in London. The event involved a day of panel discussions and delved into topics on all aspects of the Book Chain Project, all under the theme of ‘The Story of Books’. There are 60 people from invited participating publishers, mills and suppliers in attendance. 11 speakers from a variety of companies talked about topics on pulp price rising, mill pressures, deforestation hotpots, plastic issues and modern slavery etc. The day was a great success and ended with a tour of the wetlands and feedback has been incredibly positive with 50% of attendees rating the event as ‘Very Good’.
UK study raises fears about chemicals in secondhand toys
The toy industry has assured consumers that risk from chemicals in secondhand plastic toys is low, following a study in the UK that revealed the presence of hazardous elements. Research carried out at the University of Plymouth tested 200 toys from schools, charity shops and family homes for the presence of: antimony; arsenic; barium; cadmium; chromium; lead; mercury; selenium; and bromine (as a proxy for brominated flame retardants).