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* 55 bln stg BTPS is Britain's biggest corporate scheme
* Invests for 300,000 current, former BT Group workers
* To divest from companies too slow to act on climate
(Adds detail from statement, comment)
By Simon Jessop
LONDON, Oct 8 (Reuters) - The BT Pension Scheme said on
Thursday it aimed to achieve net zero carbon emissions across
its investment portfolio by 2035, aligning it with the goals of
the 2015 Paris climate change agreement.
The 55 billion pounds ($71.08 billion) fund, Britain's
biggest corporate pension scheme, invests on behalf of 300,000
current and former members of telecoms company BT Group.
While many companies and other investors are committing to
net zero carbon emissions by 2050, by aligning with the Paris
timeline, the BTPS plan is more ambitious.
BTPS said over time all of the investment mandates it awards
to asset managers would be aligned with the goal and they would
need to report progress to the scheme against a net zero climate
scorecard.
In turn, the asset managers will need to engage with the
companies they invest in on behalf of the BTPS to set their own
net zero emissions objectives, and if not enough progress is
made, the scheme said it could sell its stake.
"As the global economy looks for ways to recover from the
impact of the pandemic, we have an opportunity to do things
differently," BTPS Management Chief Executive Morten Nilsson
said in a statement.
"Over the next 15 years, the Scheme will be re-investing the
majority of its assets and, as we look to deliver the best
returns, we must not waste this opportunity to support a cleaner
and greener future."
($1 = 0.7738 pounds)
(Reporting by Simon Jessop; Editing by Tom Arnold and Jane
Merriman)
