US$130 billion in collective commitments towards clean energy and climate investments by 2030
As partners of the Climate Investment Coalition, we are delighted to share, that they today have announced a collective financial commitment of US$130 billion by Nordic and UK pension funds to be invested in clean energy and climate investments by 2030. This commitment was just announced at the Nordic Pavillion at COP26, presented by Nordic governments and pension funds. This commitment builds on the 2019 Danish pension fund commitment of US$55 billion to be invested in clean energy by 2030. As part of this commitment, pension funds will also report annually on the progress of their climate investments.
The Climate Investment Coalition is pleased to communicate this commitment from asset owners from Sweden, Norway, Finland, Denmark, Iceland, the Faroe Islands and the UK, in an aim to contribute to increasing global climate ambition and spur the global uptake of climate investments for the green transition by 2030. In addition, a pension fund from Greenland has declared its support.
Present at today's announcement were Heads of State and Government from Denmark, Finland, the Faroe Islands, Greenland, Iceland, Norway and Sweden.
“Green transition requires massive investments. Governments have to do their part and commit to a new green future. But we also need private investors on board. In 2019, Danish pension funds committed to invest 55 billion dollars in the green transition by 2030. I am proud that we have inspired others and that Nordic and UK pension funds are now ready to invest 130 billion dollars in total by 2030.”- H.E Mette Frederiksen, Prime Minister, Denmark
The Climate Investment Coalition aims to create an international wave of climate investments to support meeting global goals for climate and sustainable development. The next stage from 2022 and beyond, will be to mobilise new commitments, in particular from investors in the EU, UK, US and others.
"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.” Peter Damgaard Jensen, Co-Chair, Climate Investment Coalition
The Climate Investment Coalition works directly with committing institutional investors to ensure that commitments are being implemented, tracked and reported on annually to reach investment targets by 2030 or earlier. It is an international public-private sector initiative between the Danish Ministry of Climate, Energy & Utilities, Insurance & Pension Denmark, Institutional Investors Group on Climate Change (IIGCC), Finance Denmark and World Climate Foundation.