Roundtable – ESG and sovereign debt


Pension schemes have to invest in high-grade sovereign debt. It keeps the regulator happy and helps manage their liabilities. But the regulator also wants them to show they are pro- tecting their members from climate risk. So, is lending money to governments that may have coal in their energy mix a sound invest- ment for a scheme that considers ESG when constructing a portfolio? The green gilts issued in the past few months will make it easier for sustainable-led institutional investors, but as there is not enough supply to meet demand, how are pension schemes approaching more traditional sovereign bonds?


ESG AND SOVEREIGN DEBT DISCUSSION:


48 | portfolio institutional | November 2021 | issue 108


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