Church commissioners to cut carbon emissions by 25% by 2025
The Church Commissioners for England aims to reduce its fund’s carbon emissions by 25% by 2025, primarily through its public stocks and real estate portfolios.
That target is based on a baseline for 2019, the fund said this week. The $ 12.1 billion investment manager will also cut emissions from its other portfolios as reliable climate data becomes available.
“Real action is needed to respond to the climate emergency,” Tom Joy, investment director at Church Commissioners for England, said in a statement. “This 25% reduction in carbon intensity will be the first step in achieving this.”
Church commissioners said it will step up engagement with its investment managers across all asset classes, as well as with the largest carbon-emitting companies in its portfolio.
The UK investment manager has said he sees the target as a “realistic target” as many other asset owners are announcing similar targets to transition their funds to net zero issuance.
In December, the $ 226 billion New York State Common Retirement Fund (NYSCRF) announced it would reach zero net greenhouse gas emissions by 2040. Earlier this month, it restricted investment in the tar sands.
Also this month, the leaders of the University of Michigan’s $ 12.5 billion endowment and the University of Pennsylvania’s $ 14.9 billion endowment said they would aim for a net zero goal in their plans. funds by 2050.
The Church Fund will also step up its policy work on carbon emissions ahead of the 2021 United Nations Climate Change Conference, also known as COP26. The UK and Italy are hosting the conference, which is slated to be held in Glasgow, Scotland, in November.
The fund said it would work on nationally determined contributions, meaning each country’s efforts in the Paris Agreement to reduce national emissions. He will also work on efforts to combat deforestation.
Church commissioners will also intensify their research on climate technology investments. Recently, it invested $ 41.8 million in the Zouk Electric Vehicle Charging Infrastructure Fund, which supports the UK in building a charging network for electric vehicles.
In January 2020, Church commissioners joined the Asset Owners Alliance (AOA), which solidified the fund’s commitment to reach net zero by 2050. The group has more than 30 beneficiary holders $ 5.5 trillion in assets.
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Tags: Church of England Commissioners, Church of England, climate change, greenhouse gas, net zero, United Kingdom