UPP & Climate Change Open Letter
We, the undersigned, demand that the UPP adopt an industry-leading climate policy building upon the below five points. This is not a time for half measures: both fiduciary and ethical responsibility require rapid and comprehensive action. Other pension funds globally have charted an appropriate way forward. It is time for the UPP to rapidly catch up.
Specifically, we call on the UPP to:
- Launch a comprehensive, science-backed transition plan that commits to the absolute decarbonization of the portfolio, with a meaningful net-zero status being achieved by the year 2050. Accompanying this overall goal should be clear interim targets for 2030 and 2040 and a timeline showing measures that need to be implemented on a year-over-year basis, ending with net-zero by 2050.
- Implement an immediate negative investment screen on new oil, gas, and coal related investments, alongside a robust transition plan to eliminate these assets and accelerate net-zero goals.
- Commit to reallocate freed-up funds to profitable climate solutions and increase the percentage of the portfolio invested in investment grade renewable energy assets.
- Set and uphold robust and climate-related engagement criteria for owned companies, alongside a commitment to divest from companies which fail to correspond to said climate-related engagement criteria.
- Fully disclose the UPP’s holdings and provide transparent reporting of ESG benchmark criteria for all owned companies and external asset managers.
(You can download the full letter with justifications for these criteria and references below)