Skandia allocates SEK 40 billion to climate investments
Earlier this spring, Skandia, as the first Swedish pension fund, joined the international public-private initiative Climate Investment Coalition (CIC). It is now established that Skandia has committed SEK 40 billion in climate investments during this decade, a further step in Skandia Life's climate roadmap. The collective climate commitment behind CIC will be announced at the COP26.
– Our goal is that by 2030 allocate at least SEK 40 billion in assets that have a role to play in climate change. This decade is crucial for the world to achieve the Paris Agreement's goal of net zero climate emissions by 2050, but the global need for investment amounts to trillions of dollars. If public and private capital mobilizes and cooperate, the gap can be closed. With our commitment in the Climate Investment Coalition, we want to show that the finance and pension industry is serious about climate transition, says Frans Lindelöw, CEO of Skandia.
The Climate Investment Coalition was established to accelerate investments in renewable energy and other climate measures. A previous collective investment commitment of $ 50 billion by 2030, is now being expanded as more Nordic players join. The overall commitment will be announced in connection with the COP26 climate conference in November 2021, as a signal to governments that the will and ability exists if opportunities are provided.
– Investments for the long term must be made now and Skandia Liv’s climate roadmap has transition in focus: We have gradually reduced the proportion of assets in fossil fuels, which today make up single percentages of our invested capital. At the same time, we are increasing the pace regarding investments that contribute to the climate transition, says Lars-Göran Orrevall, CIO at Skandia Asset Management.
About Climate Investment Coalition
Climate Investment Coalition (CIC) is a public-private partnership between the Danish Ministry of Climate, Energy & Utilities, Insurance & Pension Denmark, Institutional Investors Group on Climate Change (IIGCC), Finance Denmark and the World Climate Foundation.
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