Decision details

RESOLVED

1.  To note the reduction in exposure to future CO2 emissions by 96.9% since 2016, which significantly outperforms the Fund’s target of a 50% reduction.

2.  To agree the Fund’s ambition to deliver net zero emissions across its functions by 2040, ten years earlier than the target set by the Government, and in line with the Intergovernmental Panel on Climate Change’s higher confidence threshold for limiting global warming to 1.5C above pre-industrial revolution average.

3.  To agree that the Fund should monitor carbon exposure using a set of metrics in line with recommendations from the Task Force on Climate-Related Financial Disclosures (TCFD).

4.  To approve the draft Responsible Investment Policy.