Please provide the following information in relation to Devon management of pension fund climate risk, & information & advice on same provided by external investment consultants including (but not limited to) Aon, Mercer, Allenbridge Epic and Hymans Robertson.
1) Please provide emails & correspondence between council employees (Devon finance function + responsible investment & pension fund mgmt), procurement, elected members (on pension fund committee), scheme members & external investment consultants on climate risk between 2018 and 2023
This information can be viewed here
This information has been redacted to remove personal details of Devon County Council employees and other stakeholders. This information is exempt from disclosure pursuant to Part 12(3) of the Environmental Information Regulations 2004
2) Please confirm if specific advice or information on climate risk has been sought by Devon and received from Mercer, or other investment consultants? – If so please provide copies of this information. (key search terms include “climate risk”, “physical risk”, “asset allocation” and “fossil fuels”)
3) Please provide the following data points in MS Excel format in relation to each external climate risk analyses undertaken on the councils investment portfolio, noting the date/ year + provider of each analysis:
i) Warming scenarios applied, i.e 2degC, 3degC, 4,degC, 5degC, 6degC & year in which it is suggested each warming threshold considered by the scenarios will be reached?
ii) Projected gains or losses for the portfolio &/or GDP activity for each scenario/year assessed
iii) Specifics of any change(s) to asset portfolio allocation recommended by the consultants to reduce the risk of future financial losses and/or to reduce financed emissions across the portfolio.
In response to questions 2 and 3, we can confirm that advice has been obtained. Disclosure of this information would adversely affect the confidentiality of commercial or industrial information. Whilst we acknowledge the need for openness, it is not in the public interest to adversely affect this confidentiality. This information is therefore exempt from disclosure pursuant to Part 12 (5) (e) of the Environmental Information Regulations 2004.