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Guy Opperman Profile picture
@GuyOpperman
Feb 9, 2020 • 8 tweets • 8 min read • Read on X
A thread on why #ESG +ethical #capitalism is going to define so much of #2020

- from the #CityofLondon + your pension fund, to #COP26
- #ESG + consequential actions, not #divestment, is the weapon in combatting #climatechange 1/ ftadviser.com/pensions/2019/…
In October 2019 the #ESG = Environment,Social, and Governance regs, which passed through @HouseofCommons on a x party basis a year earlier, became law: put simply they require investment to take due account of climate risk. More explanation here ⬇️ 2/
gov.uk/government/spe…
These last 7 days have shown how we are driving forward #ESG: - meetings with 100 pension trustees + asset managers in the city of London, discussions with Mark #Carney / #BankofEngland, the @AmntOrg +@UKSIF ⏩ pressure for the UK to comply with ESG 3/ google.co.uk/amp/s/www.city…
But there is real change:
From the @churchofengland to individual fund managers to @nestpensions who I met with on Tuesday, there is a change in investment policy by pension funds to a below 2 degree, net zero by 2050 world 4/. churchofengland.org/more/media-cen…
Two campaigns will dominate 2020 + drive forward #ESG =
- #TCFD = more transparent disclosure of the investments made on your behalf and
- #Makemymoneymatter, led by Richard Curtis + a v capable team, which launches April 5/:
makemymoneymatter.co.uk
And do not underestimate the power of #COP26 in November 2020: - the commitment of the @10DowningStreet is clear on this issue from this weeks launch, and the recent appointment of Mark Carney by the PM is crucial to real change 6/: bankofengland.co.uk/news/2020/janu…
But we finish on #Divestment or ethical #Capitalism?
Who will create a green industrial revolution? Divestment fixes nothing.

Govt has a big role ... but it will be business that =key in getting us to net zero by 2050. This means Shell, BP etc have a big role to play 7/
I,for one, am an optimist that the UK ...with ESG driven ethical #Capitalism, + our pension funds / asset managers changing their approach can get us to #netzero.
2020 from #COP26 to a changing investment approach will tell us a lot more 8/
thetimes.co.uk/article/pensio…

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More from @GuyOpperman

Guy Opperman Profile picture
Jul 31
Thread 🧵 on the Labour reduction in #WinterFuelPayments.

I was the Minister in charge of this policy at DWP from 2017-2022. Labour are making a big mistake 1/
Firstly an explainer of our benefit system. It is a big beast made up of 12+ ageing computer systems and 1000s of admin staff. It does not do nuance and fine margins. The state pension and add on benefits - winter fuel payment, Christmas support etc are one off payments 2/
Over the last few years the Conservatives Government added an extra £300 extra cost of living winter fuel payment support to all pensioners, meaning they got £500-£600 WFP.This is also not being renewed by labour. So the £500-600 loss to a pensioner on state pensions is huge. 3/
Read 12 tweets
Guy Opperman Profile picture
Oct 7, 2022
Fully behind an #energysaving campaign. The energy war of Putin means this is a worldwide problem.

Reduction in energy helps constituents save money, &saves the taxpayer money, as public sector should lead the way. Reduce usage, while we address supply. Government must act 1/
The obvious reductions pursued by France, Germany & others in public sector are:
- no public buildings warmer than 19C
- turn off overnight lighting of buildings / ads etc
- turn off hot water for hand washing / public spaces
All basic but simple stuff to help supply issues 2/
This is not Nanny state.
It is preserving supply, saving money for everyone, and encouraging localism. The example of Germany, which is in a massive energy crisis way way worse than UK, is worth following 3/

bbc.com/news/business-…
Read 6 tweets
Guy Opperman Profile picture
Sep 26, 2022
The PM & Chancellors Budget Bazooka - and the new ESG.
A thread 🧵 1/
To paraphrase M and S that was no “ordinary”mini budget. It was the Full Monty.
We have a new ESG

Energy support ✅
Scrapping tax rises ++✅
Growth ✅
2/
Energy:
The biggest thing in the budget.
The key to everything this winter is #energysupport. Without it, lots of businesses go under, we have a big recession, huge personal debt.

On top of @RishiSunak £37 Billion spring package, the PM/Chancellor have stepped in to help👍⬇️ 3/
Read 16 tweets
Guy Opperman Profile picture
Jun 14, 2022
Serving as Minister for Pensions and Financial Inclusion over the last five years has been the greatest honour of my professional life.

A 🧵 on some of what we have achieved.
We have lifted automatic enrolment workplace pensions to 8% savings per annum.

More than ten million savers have been auto enrolled into a workplace pension, with the biggest increases for young people and women.
We passed the Pensions Schemes Act through Parliament.

The Act has secured our pensions on an ongoing basis and has made them safer, better and greener.
Read 13 tweets
Guy Opperman Profile picture
May 12, 2022
🧵 on climate change, emerging markets and specific UK 🇬🇧 action using workplace pensions to finance the change, and get returns for members 1/
For a year + I have been working with the @churchofengland Pension Board, and others, to see how we can unleash the productive power of UK pensions in support of the climate transition in emerging economies, while also delivering sustainable returns for members. It’s doable 2/
but hard. I am particularly grateful to Adam Matthews and David Hickey who I have been discussing this with in particular, not least on their #TalkingResponsibly Podcast. This led to a major conference at Church House on April 20th. We spent several hours debating the issues 3/
Read 6 tweets
Guy Opperman Profile picture
Apr 13, 2022
Like many of the UK I spent the covid lockdown shielding as I was immunocompromised, following a racing fall as a steeplechase jockey which ruptured my spleen.
In Summer 2020 I could not attend the NHS hospital with my wife as she cared for our children. Sadly, the twins died 1/
and I was only allowed into hospital as the first child’s time was ending.
This was on compassionate grounds.
I say this as we have to accept that the findings against political leaders, and others, for breach of lockdown rules matters. Covid was an awful time in many ways 2/
and many of us are still trying to come to terms with loss, bereavement, and sadness.

To deny the upset caused by breaches of the covid rules would be wrong, and it is right that that there have been unreserved apologies. It is patently clear that the police consider that the 3/
Read 9 tweets

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