UNJSPF and its questionable commitment to stopping climate change: TCFD Report / Tom McDermott

The report’s objective is to meet the recommendations made by the Task Force on Climate-Related Financial Disclosures (TCFD) for disclosing the United Nations Joint Staff Pension Fund's Office of Investment Management's internal processes, commitments, and actions for evaluating and acting on climate change. 

What follows is the introduction. Click the link below to read the full report by the Task Force

Introduction

More dramatic action needs to be taken if there is to be realistic hope of achieving a net-zero future, but climate change has increasingly been getting the world’s attention. Much more work remains to forestall devastating climate change, but countries, companies, investment plans and other entities are committing to positive steps to help protect the planet. For its part, the United Nations Joint Staff Pension Fund’s (UNJSPF) Office of Investment Management (OIM) can report that divestments from fossil fuels have reduced the carbon footprint of its portfolio to 32% below its 2019 level for equities and corporate bonds. OIM has reached this target three years ahead of the schedule set by the Net-Zero Asset Owner Alliance. Since the sale of these securities does not, in itself, reduce carbon emissions to the environment, OIM plans to bolster engagement efforts with the carbon-intensive companies it still holds investments in, encouraging them to plan for a rapid transition to a netzero economy.

https://www.unjspf.org/wp-content/uploads/2022/03/UNJSPF_Report_March8.pdf