In pensions, discussions on climate change often centre around environmental, social and governance (ESG) investing. Often omitted from the discussion is the impact of climate change on the lives of older people and how the system could be made to alleviate these impacts.

Rising temperatures bring significant health risks for older adults. They are at higher risk of dehydration, heatstroke, and conditions that deteriorate under heat.

The Office for National Statistics (ONS) recorded 2,800 excess deaths in over 65-year-olds last year because of heat. The effects could be worsened by housing, which is generally designed with the aim of keeping in heat rather than cooling.

The frequency and severity of extreme weather events are increasing. This could increase the risk of displacement due to flooding, representing not only loss of property but also potential disconnection from community ties and support systems.

Even in less severe cases, weather events can disrupt access to healthcare and other services.

Climate change could also cause inflation, from increasing energy costs and potential disruptions in agriculture causing food and water insecurity. This puts strain on older people because a significant part of their income from private pensions may not have inflation protection.

This may be mitigated by the inflation protection on the state pension, however, the increase in the state pension is annual, so likely to be some months after the increased cost.

As a society we are all likely to be affected by climate change, however, older people may be more acutely affected in some areas, requiring consideration of policies to specifically address their needs.

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