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Paris-aligned climate initiative adds 12 asset owners
New signatories, including those from Australia and Europe, raise collective assets to US$2.35 trillion
The Asset 20 Sep 2021

The number of signatories to the Paris Aligned Investment Initiative (PAII) Net Zero Asset Owner Commitment has grown to 40 after 12 new asset owners joined the 28 existing signatories, raising the group’s total assets to more than US$2.35 trillion.

Among the new signatories include Australian industry superannuation fund HESTA, along with UK-based London Pensions Fund Authority, Railpen and Tesco Pension Investment, and European asset owners AP Pension, AP3, AP7, the Church Pension Fund, Elo Mutual Pension Insurance Company, Ilmarinen, Lægernes Pension and PenSam.

Investors signing up as PAII asset owners will be joining a collaborative investor-led global forum that supports investors in aligning their portfolios and activities with the goals of the Paris agreement.

They will be committing to decarbonize their portfolios by 2050 or sooner, increase investment in climate solutions and will need to set interim targets and undertake advocacy and engagement in line with net-zero goals.

Asset owners will be using the PAII Net Zero Investment Framework as a blueprint for aligning their portfolios with a 1.5 degrees Celsius net-zero emissions future. The framework supports investors in developing a net-zero investment strategy built around five core components: governance and strategy, objectives and targets, strategic asset allocation, asset class alignment, policy advocacy and investor engagement.

The framework currently covers four asset classes (listed equity and corporate fixed income, real estate, sovereign bonds), and work is being undertaken through the PAII to include new methodologies and approaches for assessing alignment and support for the transition of infrastructure, private equity, hedge funds and derivatives. 

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