Key Takeaways
- • Josselin Kalifa, CIO of Caisse des Dépôts Asset Management Division, and Toru Shindo, CIO of the United Nations Joint Staff Pension Fund (UNJSPF), were elected Co-Chairs of the Net-Zero Asset Owner Alliance (NZAOA) Steering Group, according to an NZAOA announcement dated 17 April 2026.
- • NZAOA signatories directed USD 743 billion into climate solution investments by December 2024, equal to 8 per cent of assets under management, per the fifth Progress Report published November 2025.
- • Signatories reported an average 6 per cent reduction in financed greenhouse gas emissions in the 2024 reporting year, and 78 per cent of engagement targets were reported as fully achieved.
- • The Target Setting Protocol Fifth Edition, published March 2026, adds regional flexibility, a new transition target category for high-emitting companies with credible plans, and methodologies for private assets including infrastructure and real estate.
- • NZAOA comprises 86 asset owners with US$9.2 trillion in assets under management and remains committed to aligning portfolios with net-zero emissions by 2050.
Summary
The Net-Zero Asset Owner Alliance (NZAOA) has elected Josselin Kalifa, Chief Investment Officer of the Caisse des Dépôts (CDC) Asset Management Division, and Toru Shindo, Chief Investment Officer of the United Nations Joint Staff Pension Fund (UNJSPF), as Co-Chairs of its Steering Group. The announcement, made in Geneva on 17 April 2026, notes that the leadership roles are split between Europe and North America. Kalifa, who oversees CDC Asset Management's approximately €323 billion in AUM, said that as a founding signatory CDC intends to maintain requirements that finance be an effective and operational lever of the transition. Shindo, whose UNJSPF Office of Investment Management oversees more than USD 100 billion, said the fund would drive ambition to align portfolios with net-zero pathways.
The leadership transition follows results detailed in the fifth NZAOA Progress Report, published in November 2025. Signatories directed USD 743 billion into climate solution investments by December 2024, representing 8 per cent of total assets under management. Seventy-eight per cent of engagement targets were reported as fully achieved, and signatories reported an average 6 per cent reduction in financed greenhouse gas emissions across portfolios in the 2024 reporting year.
The NZAOA Target Setting Protocol (TSP) Fifth Edition, published in March 2026, introduces several changes. These include regional flexibility in applying global targets, stronger incentives for asset manager engagement through KPIs, a climate solutions investment target, and a new transition target category that allows investment in high-emitting companies with credible plans to reach net-zero operations. The protocol also clarifies that methodologies apply to private assets, including infrastructure and real estate.
Founded in 2019 and convened by UNEP FI and PRI with support from WWF and Global Optimism, NZAOA is a signatory-led initiative of 86 asset owners with US$9.2 trillion in AUM. Its members are individually committed to aligning portfolios with the Paris Agreement goal of net-zero GHG emissions by 2050.
The leadership transition follows results detailed in the fifth NZAOA Progress Report, published in November 2025. Signatories directed USD 743 billion into climate solution investments by December 2024, representing 8 per cent of total assets under management. Seventy-eight per cent of engagement targets were reported as fully achieved, and signatories reported an average 6 per cent reduction in financed greenhouse gas emissions across portfolios in the 2024 reporting year.
The NZAOA Target Setting Protocol (TSP) Fifth Edition, published in March 2026, introduces several changes. These include regional flexibility in applying global targets, stronger incentives for asset manager engagement through KPIs, a climate solutions investment target, and a new transition target category that allows investment in high-emitting companies with credible plans to reach net-zero operations. The protocol also clarifies that methodologies apply to private assets, including infrastructure and real estate.
Founded in 2019 and convened by UNEP FI and PRI with support from WWF and Global Optimism, NZAOA is a signatory-led initiative of 86 asset owners with US$9.2 trillion in AUM. Its members are individually committed to aligning portfolios with the Paris Agreement goal of net-zero GHG emissions by 2050.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.