Aon and Irish Life put pension cash into climate transition fund

Aon and Irish Life Investment Managers are launching a new €500 million climate transition fund with money from their new pension master trust. Photograph: iStock

The fund will aim to support Ireland’s transition to a low-carbon economy with a focus on companies working to achieve the UN sustainable development goals relating to climate action, resource scarcity, healthy ecosystems and basic social needs. Aon Ireland’s master trust is one of 17 that have been established as pensions regulators in Ireland look to consolidate the number of pension schemes in Ireland. There has been concern at the potential for problems with Ireland’s 75,000 mostly small pension schemes, a figure that was very high by EU standards.

The group said that, working with Irish Life Investment Managers , the new fund’s investment strategy uses environmental data and aims to decarbonise over time in line with the intergovernmental panel on climate change’s 1.5°C warming limit and reaching net zero carbon dioxide emissions globally around 2050.

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