Oxfordshire Pension Fund commits to net zero emissions
The Oxfordshire Pension Fund has committed itself to achieving net zero emissions on its investments by 2050.
Along with 20 other investors responsible for more than £2 trillion of assets, the Oxfordshire Pension Fund has made the pledge through the Institutional Investors Group on Climate Change (IIGCC). It will use the IIGCC’s Net Zero Investment Framework, which was announced today (Wednesday).
Oxfordshire County Councillor Kevin Bulmer, Chair of the Oxfordshire Pension Fund Committee, said: “The Oxfordshire Pension Fund is delighted to join other investors in signing up to the Institutional Investors Group on Climate Change’s net zero commitment. The priorities of the commitment align with those of the pension fund and provide an important step in it delivering on its own climate change policy.
“The Net Zero Investment Framework enables the pension fund to coordinate with the investment industry to become part of the solution to climate change. We look forward to working towards delivering on the commitment.”
The commitment covers both decarbonising existing investments as well as increasing investments in climate solutions. It is hoped that the framework and commitment are the first steps to defining an industry standard approach to net zero investing.
The fund also aims to ensure investors are working to help deliver the Paris Agreement on climate change, which is to keep global warming below 1.5°C.
The IIGCC has also teamed up with three other investor groups to drive net zero commitments and uptake of the framework globally. Other organisations to join the framework include the Church of England and the Environment Agency.