UK local government pension pool Brunel has awarded a £1.3bn ‘climate transition’ mandate to Neuberger Berman. The multi-asset credit strategy will focus on sub-investment grade debt and is aligned with the goals of the Paris Agreement, with interim emissions reduction targets for 2025. It seeks to outperform the cash rate by 4-5%.
Japan’s Financial Services Agency has urged investors to “develop considerable insight regarding sustainable development” in draft guidelines for the country’s social bond market. The guidelines, released this week in English, are out for public consultation.
AXA’s green investments rose by €4.4bn in 2020, reaching €16.1bn, according to its latest climate report. Half of the increase came from green bond investments. AXA is targeting €25bn of investment in green bonds, infrastructure debt and equity, impact investments and ‘energy-optimised’ real estate loans by 2023.
RPMI Railpen, the £32bn UK pension scheme…