Northern Europe-based asset manager Nordea Asset Management announced that it has been selected to help manage a €800 million (USD$867 million) decarbonization-focused global equity investment mandate for French pension plan Iracantec, in partnership with Paris-based asset management firm ODDO BHF AM.

Ircantec is a French complementary pension scheme with more than €17 billion (USD $18.4 billion) invested in the financial markets. The organization announced a series of commitments in 2021 aimed at ensuring that its reserves are on course to ensure emissions reductions compatible with a 1.5°C scenario. Ircantec’s sustainable investment initiatives include a strategy to phase out fossil fuels by 2030, and a target of reducing emissions from its portfolio of companies by 7% per year on average until 2050.

The new mandate will utilize a customized active global equity solution based on Nordea’s BetaPlus Responsible Enhanced Equities Strategies, and will use Nordea’s proprietary decarbonization tools to track companies’ progress towards net zero, helping Ircantec achieve its 7% annual CO2 reduction goal. The mandate will be managed by Nordea’s Multi Assets Team.

Christophe Girondel, Global Head of Institutional and Wholesale Distribution at Nordea Asset Management, said:

“We are grateful for Ircantec’s trust in our longstanding BetaPlus capabilities, and we look forward to helping them progress toward a low-carbon future. The opportunity to support Ircantec in reaching their decarbonization target underscores our commitment to aligning climate objectives with investment performance.”