Mark Arena - Head of Financial Communications - Church of
020 7898 1221 / 07949 933714
Chris Le Marquand - Media & PR Officer - Church of
020 7898 1682 / 07464 548157
Progress in reducing carbon emissions is measured against both the
two-degree international target, and against national pledges made
at the Paris United Nations Conference of the Parties - the
Nationally Determined Contributions (NDCs).
The founding members (AUM of £370bn) are: The Church Commissioners
for England, the Church of England Pensions Board, CBF Church of
England Funds, the Central Finance Board of the Methodist Church,
the Environment Agency Pension Fund, the Local Authority Pension
Fund Forum, RPMI Railpen, the Swedish National Pension Funds (AP1,
AP3 and AP4), USS, Wespath Benefits and Investments and the West
Midlands Pension Fund.
The asset managers who are supporting the initiative (AUM of
£1.7trn) are: Aviva Investors, BNP Paribas Investment Partners,
Hermes Investment Management, PGGM and Standard Life Investments.
HermesEOS will also be using the tool in support of its engagement
with investee companies. BNP Paribas Securities Services, a leading
global custodian with $9 trillion in assets under custody, also
actively supports the initiative.
The Church of England is involved through its National Investing
Bodies (NIBs) - the Church Commissioners for England, Church of
England Pensions Fund, and CBF Church of England Funds.
Additional quotes from partners
Barbara Boigegrain, CEO and General Secretary of Wespath Benefits
and Investments, said "For some years, Wespath Benefits and
Investments (pension fund agency of The United Methodist Church)
has recognized the transition underway to a low-carbon global
economy and the need for us to understand the long-term trends
affecting our investments. We will use our leadership
position to influence other North American funds and investors to
use the TPI in analysing their portfolios."
Euan Stirling, Head of Stewardship and ESG Investment at Standard
Life Investments, said "The Transition Pathway Initiative is an
important step forward in the necessary route towards lower carbon
intensity. A large gap currently exists between governmental
commitments on emissions made in Paris in 2015 and the preparations
of companies to help meet those challenges. The TPI will provide a
useful tool for us as investors to gauge how effectively companies
are addressing the sustainability of their business plans."
Sir Andreas Whittam Smith, First Church Estates Commissioner of
the Church Commissioners for England said "The Transition Pathway
Initiative is a significant intervention by church asset owners and
others. It will enable us to have a new conversation with companies
based on a rigorous understanding of where they sit on the
transition to a low-carbon economy, and to follow through on the
commitments we have made in our climate change policy."
Johan Magnusson, Chief Executive of AP1 said "This initiative
fills an information gap and will help us and other investors to
make more informed investment decisions. We are pleased to be
involved at this early stage in the development of TPI, an
initiative well in line with the AP1's sustainability
Elizabeth Fernando, Head of Equities at USS said "As a long-term
investor USS wants to be able to assess how companies are managing
climate change and the risk it poses to their business. The TPI
provides a tool for us to do this and as a result will allow us to
make better informed investment decisions improving financial
returns for our members and beneficiaries."
Kieran Quinn, Chair of the Local Authority Pension Fund Forum
said: "As a recognised leader in engaging with companies, LAPFF's
participation in the Transition Pathway Initiative will enhance
demonstrating the progress of our engagements on carbon risk with
high impact companies on the necessary transition to a low carbon
Bruce Duguid, Director, EOS, Hermes Investment Management said
"The Transition Pathway Initiative provides a useful framework for
setting stretching but feasible corporate engagement objectives on
climate change. We have already piloted this approach in our
engagement with coal-exposed companies."
Patricia Espinosa, Executive Secretary of the UN climate
convention (UNFCCC) said "I applaud the new Transition Pathway
Initiative and its founding members. It represents yet another
potentially powerful way of aligning real-world global investments
with the real-world urgency of meeting the goals, aims and
aspiration of the Paris Climate Change Agreement".
Stephanie Pfeifer, CEO of the Institutional Investors Group on
Climate Change said "IIGCC welcomes the launch of the Transition
Pathway Initiative. As investors seek to help drive the
changes required to implement the Paris Agreement, it is great to
see new tools emerging that asset owners and managers can employ to
assess climate transition risk through benchmarking corporate
climate disclosure and evaluating how well a company is positioning
itself as part of the low carbon transition."
Erik Solheim, Head of UN Environment said "Climate change poses an
unprecedented risk to investments. For the sake of portfolios - and
the planet - it is important that asset owners take action now.
That's why we at UN Environment welcome the Transition Pathway
Initiative and the leadership of the asset owners backing it.
Building on Paris commitments, it is another step on the transition
to a low-carbon economy."