"New report urges pension funds to develop a climate change action plan or risk becoming unfit for purpose ... if climate change is allowed to advance unchecked, the risks are even greater: extreme weather events and growing volatility of food and fuel prices are likely to hit returns across entire portfolios in ways that are both dramatic and unpredictable. The Stern Review estimates that the total cost of climate change in the 'business as usual' scenario is likely to lie in the upper range of a 5-20% loss in global GDP. These risks are particularly significant for pension funds because they tend to be 'universal owners', meaning they have holdings across the economy and an interest in its overall health." (Quoted form article)