Californian public pension giant CalPERS and German sovereign wealth fund Kenfo have failed to publicly disclose their five-year decarbonisation targets as required as members of the UN-backed Net-Zero Asset Owner Alliance.
The funds’ omission was highlighted in the progress report by the Alliance, published this week (Wednesday).
The Net Zero Asset Owner Alliance was initiated in 2019 by Allianz, Caisse des Dépôts, La Caisse de Dépôt et Placement du Québec, Folksam Group, PensionDanmark and Swiss Re. It is now backed by 58 investors, representing $9.3trn in assets, who have all committed to aligning their portfolios with the goals of the Paris Climate Agreement.
The Alliance describes the development of interim five-year decarbonisation targets is as a “core component of the Alliance”. Members are required to publish those targets - which should be based on the Intergovernmental Panel on Climate Change’s 1.5 °C pathway - within 12 mont…