The Brunel Pension Partnership, a UK local government pension pool, has announced its Climate Change Policy for 2023-30 based on a five-point plan that outlines a vision for a financial sector aligned with a low-carbon economy.
According to the plan, systemic change will come from climate-resilient products, conducive policy, portfolios that address both mitigation and adaptation, investing in transition activities and targeted engagement.
The overall target is to achieve net-zero emissions by 2050.
Laura Chappell, Brunel CEO (above), said, “For our partnership to retain its ambition, leadership and innovation on climate change, we need to adapt to an area that is changing rapidly. This policy moves us forward to the next stage. Crucially, it also embeds the ‘Climate Stocktake’ approach for the long term.”
Brunel is one of eight UK Local Government Pension Scheme pools with £35bn in assets under management.
It was one of 30 investors that recently wrote to five European banks urging them to stop directly financing new oil and gas fields by the end of this year.
