Spanish pension fund management company Fonditel Pensiones has joined the Institutional Investors Group on Climate Change (IIGCG), becoming the first institutional investor from Spain joining such initiative.
IIGCG is the European membership body for investor collaboration on climate change that represents over 190 investors (mostly pension funds nad asset managers), across 15 countries, managing collectively over €28trn in assets.
IIGCC works to support and help define the public policies, investment practices and corporate behaviours that address the long-term risks and opportunities associated with climate change.
This membership reinforces our commitment to sustainable investment and enables us to know and follow best practice on the transition to a low carbon economy."
Teresa Casla, Fonditel´s CEO, said: "We are so pleased to be the first Spanish based member of the Institutional Investors Group of Climate Change (IIGCC).
"This membership reinforces our commitment to sustainable investment and enables us to know and follow best practice on the transition to a low carbon economy. This includes incorporating these best practices into our investment process in order to know the risks associated to our portfolios."
She continued: "Our mission is to mobilise capital for the low carbon transition and to ensure resilience to the impacts of a changing climate by collaborating with business, policy makers and fellow investors."
Stephanie Pfeifer, Institutional Investors Group on Climate Change, CEO added: "We are delighted that Fonditel Pensiones has joined IIGCC. The fund has a strong profile within Spain and its focus on addressing climate change will help raise awareness of the issue more broadly across the investment sector".
Fonditel has been part of the Spanish Sustainable Investment Forum Spainsif since its creation in 2009. During 2018, the company focused on improving its ESG integration into the investment process.
Fonditel said in a note: "We believe that integrating the principles of sustainability has long-term benefits and could help to mitigate the extra-financial risk to our portfolio. "We are aware that this requires a disciplined approach and it is an ongoing and complex process.
"Fonditel is aware that climate-related risks and opportunities hold direct relevance for all financial institutions. The investment process is being reshaped, new policy and regulatory frameworks put in place, and concepts of stewardship and governance transformed by the transition to a sustainable and low carbon economy."