Northern LGPS targets net zero carbon emissions by 2050

The Northern Local Government Pension Scheme (NLGPS) has targeted reaching net zero carbon emissions by 2050 after becoming the latest Make My Money Matter (MMMM) pledge partner.

The scheme said its collaboration with MMMM was part of an ambition to invest 100 per cent of its assets in line with the Paris Agreement on climate change and help members understand the importance of knowing where their pensions are invested.

NLGPS also added that it would explore the feasibility of a setting a 2030 target for achieving net zero in line with the Intergovernmental Panel on Climate Change’s 1.5-degree pathway.

The scheme noted that it intended its partnership with MMMM to be part of a much wider environmental, social and governance (ESG) investment strategy.

This strategy currently includes supporting initiatives that create both a greener and financially viable future, as well as pressuring companies to make commitments towards tackling climate change and increasing the transparency of reporting.

NLGPS chair, councillor Ged Cooney, said: “Collaboration is critical in driving positive change. NLGPS’ partnership with MMMM confirms our commitment to sustainable investment. We are confident through our work with other likeminded investors and organisations, that a just transition to a zero-carbon economy is completely achievable."

MMMM co-founder, Richard Curtis, said: “It’s exciting to see the NLGPS, one of Britain’s largest public pension funds working to tackle the climate emergency, commit to partnering with MMMM to push this vital agenda forward.

“Combined with Nest, Aviva, BT and South Yorkshire, that’s £152bn saving to create a future we all want to retire into. We’re facing an existential challenge – it’s time for all UK pension funds to make money matter and commit to halving their emissions by 2030 and going Net Zero by 2050.”

Last month, MMMM joined with the World Wildlife Fund to call on the finance industry to address its role in climate change or “risk being complicit in catastrophic damage to both our planet and the economy”.

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