Local Pension Partnership Investments, London, selected ESG advisory firm Chronos Sustainability to assist with reducing carbon emissions of LPPI's portfolio by 2050, according to LPPI's website.
LPPI, the investment subsidiary of Local Pensions Partnership, which has £22.1 billion ($29.5 billion) in assets under management and runs investments for U.K. local authority pension funds, said Chronos will provide advice and support developing LPPI's transition plan to achieve net-zero portfolios. The work will include assisting withresponsible investments, managing risks and identifying opportunities for member funds.
The appointment follows a November pledge by LPP to join the Institutional Investors Group on Climate Change. As a result, LPPI will set interim 2030 targets as part of its 2050 transition plan.
"The energy transition presents a uniquely challenging 30-year investment context for our long-term portfolio management. Reaching net-zero by 2050 is an appropriate but extremely challenging goal, requiring new data and expert advice," Frances Deakin, head of responsible investment at LPPI, said in a news release about the appointment.
A spokesman for LPPI did not provide further details.