Wespath Benefits and Investments, an agency of the United Methodist Church, Glenview, Ill., with $24.8 billion in assets, is now part of the Net Zero Asset Owner Alliance, Wespath said Tuesday.
Members of the alliance, a United Nations-convened group of pension funds and insurers with $4.6 trillion in assets under management, have committed to transitioning their investment portfolios to net-zero carbon emissions by 2050, in alignment with the Paris Climate Agreement.
Wespath becomes the 22nd member of the alliance. It is also the second one from the U.S. after the $350 billion California Public Employees' Retirement System, Sacramento, and the second faith-based asset owner to make the commitment.
"As the steward for the largest single pool of faith-based pension assets in the world, Wespath has a long history of investing in ways that deliver strong investment returns and pursuing efforts to promote building a sustainable economy," Barbara Boigegrain, Wespath CEO and general secretary, said in a statement.
Wespath is a founding signatory of the U.N.-supported Principles for Responsible Investment.