UK - The Local Authority Pension Fund Forum (LAPFF) is urging the government to introduce more ambitious emission targets and mandatory corporate reporting on greenhouse gas emissions.

In its response to the Climate Change Bill, the LAPFF demanded the target for a 60% cut in carbon emissions by 2050 be extended to 80%.

The forum representing £75bn (€110.9bn) in local authority pension fund money also wants to see reporting on greenhouse gas emissions included in stock exchange listing requirements.

"The time for discussion about possible effects of climate change has passed," said LAPFF chair Darrell Pulk.

"Companies should now have in place risk management procedures as part of their business strategies as well as identifying relevant business opportunities."

From its own climate change engagement programme with companies the LAPFF noted "there are still a large number of companies that are not addressing the risks posed by climate change, nor indeed the opportunities presented".

It therefore welcomed the government's proposal to provide annual, transparent reporting on progress.

The LAPFF also suggested it take a "more robust approach" to international aviation and shipping with regards to emission levels as both industries are currently exempt from CO2 reduction target levels.

Likewise, the forum notes "the current situation of the aviation industry being zero-rated for VAT seems at odds with the overall thrust of curbing emissions, especially from fast-growing sectors such as aviation".