UN Joint Staff Pension Fund targets net zero emissions by 2050

It aims to reduce the absolute greenhouse gas footprint of its Equities and Corporate Bonds’ Portfolio by 29% by 2021 and 40% by 2025

Net Hero Podcast

The United Nations Joint Staff Pension Fund (UNJSPF) has unveiled new ambitious climate targets, including its commitment for net zero greenhouse gas emissions by 2050.

It aims to reduce the absolute greenhouse gas footprint of its Equities and Corporate Bonds’ Portfolio by 29% by 2021, compared to 2019 levels and by 40% by 2025.

The UNJSPF also plans to monitor sector targets, including oil and gas, utilities, steel, cement and transport, based on the best available science as compiled in the Intergovernmental Panel on Climate Change (IPCC) and as recommended by the UN-convened Net Zero Asset Owner Alliance, which was formed in 2019.

The Office of Investment management (OIM) of the UNJSPF is a member of the Alliance, which is committed to transitioning its investment portfolio to net zero greenhouse gas emissions by 2050.

The OIM – which oversees more than $85 billion (£61bn) of assets and aims to contribute to the global mission of the UN family of organisations by ensuring the long term financial sustainability of the UNJSPF – intends to take steps to identify and increase exposure to transitioning companies and green investments.

Toru Shindo, OIM’s Chief Investment Officer said: “We will be engaging companies with climate-related objectives prioritising the largest polluters of OIM’s portfolio. We want to ensure companies’ strategies, activities and actions are aligned with the goal set in the Paris Agreement.”