Commercial, Energy Efficiency, GHG Emissions - July 25, 2022
UPP Sets 2040 Goals
The University Pension Plan Ontario (UPP) launched its formal commitment and action plan to achieve net zero portfolio emissions by 2040 or sooner.
UPP’s climate action plan includes reducing the carbon footprint of UPP’s portfolio by 16.5% by 2025 and 60% by 2030 from a 2021 baseline. Details were provided in UPP’s inaugural annual report.
The pension plan will also implement a Climate Transition Investment Framework and invest only in new mandates and assets that align with a net zero transition and reduce the emissions intensity of UPP’s assets, develop processes and tools to evaluate climate-related investment risks, opportunities, and impacts across the portfolio and engage with the 20 top-emitting companies in its portfolio to encourage a swift transition to a net-zero, climate-resilient future and strong climate-related disclosures.
“This Climate Action Plan speaks to two deeply connected objectives,” said Barbara Zvan, President and CEO of UPP in a statement. “The first is to grow a strong, resilient fund that secures retirement benefits for our members today and far into the future.”