People's Pension Boosts Responsible Investing with £15B Climate Shift
The People's Pension has made significant strides in its commitment to responsibility. It has appointed Leanne Clements as its new head of responsibility investment, who joins from Carbon Tracker. The fund also plans to shift £15 billion of its equity holdings towards a climate-aware strategy, aiming to reduce its carbon footprint by 30%.
The fund, which manages over £25 billion in assets for 6.5 million members, scored poorly in a recent league table due to its exposure to fossil fuels and deforestation risks. The shift towards climate-aware equities will initially focus on developed market equities but will expand to other asset classes in the future.
Leanne Clements, the new head of responsibility, joins from Carbon Tracker. She will work alongside Dan Mikulskis, the newly appointed CIO, who previously served at Lane Clark & Peacock. Patrick Heath-Lay, the current CEO of People's Partnership, will discuss these changes at an event hosted by the website operator on March 12, 2023, at the London Stock Exchange.
The People's Pension aims to double its assets to £50 billion within the next five years. While it currently lacks a formal net zero strategy, the fund pursues a net zero ambition and is committed to reducing its carbon dioxide footprint. These recent appointments and strategic shifts demonstrate the fund's dedication to responsibility investing.
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