London Pensions Fund Authority sets goals for net-zero transition

The second asset class goal is to ensure that at least 70% of financed emissions in material sectors resulting from LPFA’s public equities exposure are either assessed as net-zero, aligned with a net-zero pathway or are the subject of direct or collective engagement and stewardship actions. The target is effective immediately, the plan said.

The final goal, regarding operations and the running of the pension fund, is to reduce the Scope 1 and 2 emissions by 50% per full-time employee. The target will be measured against the pension fund’s 2022-23 greenhouse gas emissions. “This is our commitment to hold ourselves to the same standard as the companies we invest in,” the plan said. LPFA will achieve this goal through changes to the office environment and how and when executives travel.

LPFA signed up to the Paris Aligned Investment Initiative — an investor-led global forum to help investors to align their portfolios and activities to the goals of the agreement — in September 2021.

“Our plan is about supporting the greening (of) the planet and the fund,” said Peter Ballard, director of funding and risk, in a news release accompanying the action plan. Mr. Ballard led development of the plan, supported by investment consultant Redington and the pension fund’s money manager, Local Pensions Partnership Investments.

“We want to drive change in the real world so that the economy as a whole achieves net-zero emissions. This means that we’ll work closely with our delegated asset manager, LPPI, and collaborate with like-minded investors to make sure that we are pushing companies along their own net-zero path. This is new ground for many of us, and we’ll be using our website to report on our progress as clearly as we can.”

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