# The Occupational Pension Schemes (Climate Change Governance and Reporting) (Amendment, Modification and Transitional Provision) Regulations 2022, Regulation 2: Amendment of the Principal Regulations


(1) The Principal Regulations are amended as follows.
(2) In Part 1 of the Schedule (climate change governance etc. requirements)—
(a) in paragraph 15—
(i) at the end of sub-paragraph (b) omit “and”;
(ii) after sub-paragraph (b) insert—
“(ba) one portfolio alignment metric; and”;
(b) after paragraph 19, insert—
“19A. Trustees must in each scheme year, as far as they are able—
(a) obtain the data required to calculate their selected portfolio alignment metric;
(b) use the data obtained to calculate that metric in relation to the scheme’s assets; and
(c) use the metric they have calculated to identify and assess the climate-related risks and opportunities which are relevant to the scheme.”;
(c) in paragraph 21, after “paragraphs 18” insert “, 19A”;
(d) in paragraph 26—
(i) in the definition of “additional climate change metric”, at the end, insert “or a portfolio alignment metric”;
(ii) after the definition of “greenhouse gas” insert—
““portfolio alignment metric” means a metric which gives the alignment of the scheme’s assets with the climate change goal of limiting the increase in the global average temperature to 1.5 degrees Celsius above pre-industrial levels;”.
(3) In Part 2 of the Schedule, (information to be included in a report under regulation 6) in paragraph 27(n), after “paragraphs 18” insert “, 19A”.

---
Source: https://www.legislation.gov.uk/uksi/2022/733/regulation/2 (the official version)
Page: https://openlegislation.uk/occupational-pension-schemes-climate-change-governance-and-reporting-amendment-modification-and-transitional-provision-regulations-2022/regulation-2
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.