Brunel Pension Partnership celebrates the launch of the Net Zero Investment Framework (NZIF) as a historic moment for financial services and is proud to have played a significant part in ensuring its delivery.
Our partnership’s shared climate change policy is to systematically change the investment industry so that it is fit for purpose in a world where the temperature rise needs to be kept to well below 2°C compared to pre-industrial levels, a target that was formalised at the Paris Agreement in 2015.
The NZIF is the first framework to provide investors with the tools they need to follow through on that ambition to be Paris-aligned. Its urgency is reflected in the fact that 33 of its signatories, representing more than $8.5 trillion, are already putting the framework to practical use. It is a crucial element in bringing broader industry change, enabling a common approach.
Our partnership has worked closely with the IIGCC. We provided early sponsorship, Avon Pension Fund provided investment data used in the research phase, and we have continued to partner to ensure the framework was researched, built, consulted on and, finally, delivered. The Brunel pool company, together with Avon, Cornwall, Devon, the EAPF and Oxfordshire have all publicly signed the Paris-aligned commitment statement.
Faith Ward, Chief Responsible Investment Officer at Brunel Pension Partnership and Chair of the Institutional Investors Group on Climate Change, says:
“It has taken enormous collective will to reach the point where investors can look to a common framework to deliver our shared climate goals. It is a good moment to stop and celebrate the scale of the opportunity that this creates. But not for long – the urgency of the climate crisis means investors and asset owners need to start using this today.”
The framework arrives in the wake of the governments of major economies announcing significant ambitions and new measures to address climate change. The framework itself generally represents a much longer evolution, but the shift in the political landscape means it comes at an opportune moment, especially as we enter the runup to COP 26 in the autumn. Many eyes will be on the financial sector.
David Vickers, Chief Investment Officer, Brunel Pension Partnership, says:
“We have fully committed to a 50% reduction in our emissions by 2030 and to net zero by 2050. This framework provides determined investors with the roadmap they need to address climate issues across their portfolios. For Brunel, our focus now turns to building net zero portfolios in partnership with clients who share our climate ambitions.”
Bruce Shearn, Avon Pension Fund Committee Chair, says:
“We have supported the development of the framework since its inception and are delighted to see it come to fruition. Its priorities are our priorities and we believe it will be a vehicle to change how the industry manages climate risk.”
Kevin Bulmer, Pension Fund Committee Chair, Oxfordshire County Council, says:
“The Oxfordshire Pension Fund is delighted to join other investors in signing up to the Institutional Investors Group on Climate Change Net Zero Commitment. The priorities of the commitment align with those of the Pension Fund and provide an important step in the Pension Fund delivering on its own Climate Change Policy. The Net Zero framework enables the Pension Fund to coordinate with the investment industry to become part of the solution to climate change and the Pension Fund looks forward to working towards delivering on the commitment.”
Russell Ashman, Head of Pensions, Treasury and Technical, Cornwall Council, says:
“The Net Zero Framework is an invaluable tool to support us (and others) on the path to net zero. It will help the Cornwall Pension Fund to continue to play its part in addressing climate change.”
Ray Bloxham, Chair of the Investment & Pensions Committee, Devon County Council, says:
“We are committed to not only reducing the carbon footprint of our current investments but to ensuring that, in the long term, our investments are carbon-neutral. To achieve real emissions reductions, it is vital we engage with the companies we are invested in, to hold them to take responsibility for their product throughout its usage, not just in its manufacture. By doing this we aim to contribute to making real carbon reductions globally.”
Robert Gould, Chair of the Environment Agency Pension Fund & Chair of Brunel Oversight Board, says:
“The earlier we reduce emissions, the better for the environment, for society and for our investments. The IIGCC Net Zero Initiative has been instrumental in helping the Environment Agency Pension Fund agree its next steps on how to tackle climate change – we highly commend its use to other investors.”
For further details, please contact Alex Monro, Head of Communications, Brunel Pension Partnership, at alex.monro@brunelpp.org or on 07482-026453.
About the IIGCC
The Institutional Investors Group on Climate Change (IIGCC), is the European membership body for investor collaboration on climate change and the voice of investors taking action for a prosperous, low-carbon future. IIGCC has more than 275 members, mainly pension funds and asset managers, across 16 countries, with over €35 trillion in assets under management. IIGCC works to support and help define the public policies, investment practices and corporate behaviours that address the long-term risks and opportunities associated with climate change. For more information visit www.iigcc.org and @iigccnews.