Regulation 2 Amendment of the Climate Change RegulationsI1

Northern Ireland

(1)

The Climate Change Regulations are amended in accordance with paragraphs (2) and (3).

(2)

In Part 1 of the Schedule (climate change governance etc. requirements)—

(a)

in paragraph 15—

(i)

in sub-paragraph (b) for “metric, and” substitute “metric;”;

(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” after “intensity metric” 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”.

Annotations

Commencement

I1: Reg. 2 in operation at 1.10.2022, see reg. 1(1)