Versorgungsanstadlt des Bundes und der Länder (VBL) – a German occupational pension fund – has awarded Nordea Asset Management (NAM) a €1.25 billion (US$1.3 billion) mandate focused on alignment with Paris Agreement goals. VBL has committed to its equity and corporate bond portfolio being below 92 tonnes of CO2 equivalent per million euros of turnover and expects NAM to deliver on this objective. The asset owner pointed to the Nordea European Stars Equity Strategy as an example of the investor’s track record selecting companies that are industry leaders in CO2 reduction and supporting innovative products contributing to a low-emission economy. “Over the past three years, we have already reduced the CO2 intensity of our equities and corporate bonds by more than 25%,” said Dr Michael Leinwand, VBL’s Chief Investment Officer. “It is now important for us to continue on this CO2 reduction path.” VBL’s portfolio will be managed relative to the MSCI Europe Climate Paris-aligned Benchmark. “The fact that we can support VCL in the implementation of its sustainability strategy confirms to us that we are on the right track with our approach of reconciling climate objectives and investment performance,” said Christophe Girondel, Global Head of Distribution at NAM.
