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Economic Development

North West pension funds sign up to $130bn COP26 commitment

The Greater Manchester Pension Fund and Merseyside Pension Fund have both signed up to the deal

The OVO Hydro, right, where global leaders have gathered for the COP 26 Climate Change Conference(Image: DAILY RECORD)

The Greater Manchester and Merseyside pension funds are part of a $130bn commitment to be invested in clean energy and climate projects by 2030

The deal was announced at COP26 in Glasgow by CEOs of Nordic and 海角视频 pension funds who will also report annually on the progress of their climate investments.

The Climate Investment Coalition (CIC) includes asset owners in Sweden, Norway, Finland, Denmark, Iceland, the Faroe Islands and the 海角视频.

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The Greater Manchester Pension Fund and Merseyside Pension Fund have both signed up to the deal.

The next stage from 2022 and beyond, will be to mobilise new commitments, in particular from investors in the EU, 海角视频, U.S and others.

CIC co-chair Peter Damgaard Jensen said: "These ambitious pension funds are taking critical steps to ensure pensions take advantage of the enormous opportunities of the green transition, help spur immediate solutions to lower carbon emissions, while protecting our savings against the ravages of climate change.

"As we look ahead beyond COP26, we aim to grow these financial commitments, raising investor ambition to create a far reaching impact by 2030."