The board of Norwegian pension fund KLP has approved a roadmap to reach net-zero emissions by 2050, outlining how the fund will assess each investment to ensure its emission path is compatible with a 1.5 degree target.

As part of the roadmap, KLP will set a specific short-term climate target for its portfolio and apply best practice in relation to assessment methods and the use of climate data.

The fund explained that by setting a climate goal for its investment portfolio it is seeking to influence society to succeed with the goals outlined in the Paris Agreement.

It also emphasised that transparency around companies' net-zero emission targets is very important, stressing that stakeholders must understand how the fund is actually working towards a 1.5 degree target.

The roadmap, which will be published "within a few weeks", is therefore expected to help address this need, alongside periodical reporting from the fund on the results of its responsible investment efforts.

KLP director of corporate social responsibility, Heidi Finskas, commented: "When KLP sets a climate goal, we do it for, and on behalf of, our owners who are municipalities and health trusts.

“Then our owners can be confident that the pension money contributes to the world reaching the climate goals.”

KLP previously announced plans to support the 1.5 degree goal, and recently announced a string of exclusions from companies with connections to Israeli Settlements in the West Bank, as well Myanmar-linked Adani Ports and Special Economic Zone, as these breached its responsible investment guidelines.

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