Investor statement in support of Climate Action 100+

Jake Barnett is Managing Director of sustainable investment strategies at Wespath Investments. This post was provided by Mr. Barnett, Kirsty Jenkinson, and Aeisha Mastagni and is based on a statement signed by CalSTRS and other investors.

As asset owners representing USD $4.6 trillion in assets, we remain deeply concerned about the investment risks posed by climate change to the economy, the markets and our portfolios. Investors encouraging companies to adopt ambitious and thoughtful plans to address climate-related risks aligns with our economic interests as long-term and diversified stewards of capital. Working collaboratively with other investors through Climate Action 100+ is an effective and efficient way to address both the specific and systemic risks to our investments posed by climate change, which is why we remain fully committed to participating in this valuable initiative.

As the investment risks relating to climate change continue to increase, we hope to emphasize three clear messages that the investment community remains committed to addressing:

  • Further action to address systemic risk is essential: Virtually all companies—and thus investors—are affected by climate risk and the transition to a net zero emissions economy. Managing climate-related risk therefore requires action by a coalition of the world’s governments, businesses, investors and communities. All investors should be able to articulate clearly how they are addressing climate change as a systemic risk.
  • Addressing significant investment risks, including climate risk, is a fiduciary imperative: All investors, including asset owners and asset managers, have an obligation to protect the value of their assets for the beneficiaries of their investments. Different types of asset owners and managers may approach addressing climate risk differently, but all should conduct their fiduciary duties with a factual understanding of risk. It is important for all investors to provide clarity and transparency around how they are meeting their fiduciary duty to address climate-related investment risks.
  • Collaborative engagement remains a vital tool: Conducting climate engagements collaboratively, in keeping with all regulatory and legal requirements, enables greater efficiency and effectiveness in managing risks for investors of varying size and across different geographies.

We recognize that there are, and will continue to be, complexities and nuances in the path to achieving a climate resilient future. However, these cannot preclude those committed to addressing climate-related investment risk from taking the action needed to protect the investments that provide security for our beneficiaries.

List of signatories (May 28, 2024)

AkademikerPension
Alecta Tjänstepension Ömsesidigt
AMF
AP3
AP7 (Sjunde AP-fonden)
ATP
BC Investment Management (BCI)
BPCE Assurances
Brunel Pension Partnership
California Public Employees’ Retirement System (CalPERS)
CalSTRS
CDPQ
Church Commissioners for England
Church of England Pensions Board
Church of Sweden
COFACE
Committee on Mission Responsibility Through Investment of the Presbyterian Church (U.S.A.)
Gothaer Asset Management AG
LGPS Central
Mercy Investment Services
National Trust
Nest
New York State Common Retirement Fund
Nippon Life Insurance Company
NYC Comptroller’s Office
Oxfordshire County Council Pension Fund
P+, Pension for academics
PenSam
Pensioenfonds Detailhandel
PensionDanmark
PFA Pension
Phoenix Group
Railpen
Sampension
Scottish Widows
Strathclyde Pension Fund
Swiss association for responsible investments
Swiss Federal Pension Fund PUBLICA
The Folksam Group
The People’s Pension
United Church Funds
University Pension Plan Ontario
Wespath Benefits and Investments
West Yorkshire Pension Fund

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