Nest to Reduce Carbon in its Growing Emerging Market Strategy
The UK-based pension fund will drill down on renewable energy in the strategy, which will roughly double next year.
The National Employment Savings Trust (Nest) will nearly double its emerging market allocation while also reducing the strategy’s carbon footprint, the fund said Tuesday.
The UK-based pension plan will increase its emerging market assets to US$1.2 billion by February, or about 6% of its $19.4 billion portfolio, according to the fund. At the moment, the pension fund had just $639.7 million devoted to the strategy, or just 3.5% of its total assets.
At the same time, the pension fund said it will reduce investments in companies with large oil and gas reserves, while also increasing funding into clean and renewable investments.