Camden Pension Fund makes greener investment
Camden’s Pension Committee last night (Wednesday 28 July 2021) agreed to move its investment in the CIV Sub Fund invested by Baillie Gifford to a Paris aligned sub fund with the same manager with a lower carbon footprint.
This decision further excludes fossil fuel extraction companies from Camden's Pension Fund and aligns it closer to the Paris agreement.
The Pension Fund agreed its Investor Belief Statement in November 2019 and this puts climate action as one of the key responsible investment priorities for the Fund.
Chair of the Pension Committee, Councillor Rishi Madlani, said: “At Camden every service provided and every individual must take responsibility for making extra efforts to address the Climate Crisis – and the Pension Fund is no exception.
“The Fund has agreed to move to a new product which has a 43% lower carbon footprint than the current mandate and aims to decarbonise by 7% per annum. This is in-line with the intergovernmental panel on climate change’s 1.5 degree warming scenario.
“The Pension Fund has also recently completed a £271m move to a Legal And General passive equity product called the Future World Fund which reduces its carbon footprint and enhances environmental, social and governance issues, which better aligns with our Investment Beliefs whilst delivering market returns.
“The Pension Committee will continue to ensure investments in the Fund are sound and sustainable, both financially and environmentally.”