The Church of England’s three National Investing Bodies (NIB) have become the latest investors to join the UN’s Net Zero Asset Owner Alliance – taking the alliance’s total assets under management to more than $4.3 trillion.
In joining the coalition, the Church’s three entities – the Commissioners for England, the Church of England Pensions Board and CBF Church of England Funds – have pledged to transition their investment portfolios to net-zero greenhouse gas emissions by 2050.
The three funds, which describe themselves as ethical investors, join insurance giant Generali which also announced its commitment to the alliance, taking the total membership numbers to 18. Under the terms of the alliance, members are required to align their portfolios with the Paris Agreement’s more ambitious 1.5°C global temperature target. “Climate change is the challenge of our age,” said Andrew Brown, chief executive of the Church Commissioners for England.”