November 2022

California State Teacher’s Retirement System (California) 

California State Teachers’ Retirement System (CalSTRS) is the largest educator-only pension fund in the world with $297.6 billion in assets, and has been a leader for two decades in recognizing the investment risks and opportunities wrought by the climate crisis. This case study looks at CalSTRS’ commitment to continuing to enhance its climate action plan and to building an investment organization that is skilled and knowledgeable in understanding climate-related risks and opportunities.

Read the CalSTRS ICAP case study here.

Cbus (Australia) 

Cbus is one of Australia’s top performing superannuation funds. It has more than 850,000 members and manages over $70 billion (as of 30 June 2022). Cbus already has a significant program of work in climate change and has published its third Climate Change Roadmap: Action and Measurement (2022), which sets out Cbus’ key climate change activities to 2024. This case study looks at how Cbus uses roadmaps to identify and track the specific actions it hopes to achieve in both the near and longer term.

Read the Cbus ICAP case study here.

First Sentier Investors (Australia) 

First Sentier Investors (FSI) is a global fund manager with a client base that extends across Asia, Australia, Europe and North America. FSI invests AU$209.1 billion on behalf of its clients globally (30 Sep 2022). FSI’s case study explores its Climate Change Action Plan and sets out the steps and pathways it is taking to meet its net zero commitments. In developing this plan, FSI used the ICAPs Expectations Ladder in order to comprehensively address progress and actions across each focus area.

Read the FSI ICAP case study here.

Finnish Climate Fund (Finland) 

The Finnish Climate Fund is a state-owned €3.3 billion special-assignment company focused on scaling up new climate technologies with significant emissions reduction potential. The Finnish Climate Fund case study explains how a state-linked investor considers its climate investment action, measures impacts, and sees the increased role of blended finance in many investor climate strategies.

Read the Finnish Climate Fund ICAP case study here.

May 2022

AustralianSuper (Australia) 

AustralianSuper manages more than A$260 billion in members’ retirement savings on behalf of more than 2.6 million members (as of 31 December, 2021). One in 10 working Australians is a member of AustralianSuper, the nation’s largest superannuation fund. AustralianSuper’s purpose is to help members achieve their best financial position in retirement. The Fund actively stewards its capital and uses its influence to create long-term value and has a long-standing position of embedding ESG considerations into its investment decision making to meet this aim. AustraliaSuper’s ICAP case study covers Corporate Engagement and Disclosure within the ICAPs pillar.

Read the AustralianSuper ICAP case study here.

Capital + SAFI (Bolivia)

Capital + SAFI is a Bolivian asset manager committed to prioritizing ESG and sustainability goals through its operations and investments inspired by its purpose of investing for better lives. Capital + SAFI’s commitment demonstrates that regardless of a country’s economic or industrial development, misalignment with the Paris Agreement is no longer an option. Capital + SAFI’s ICAP case study covers Investment and Corporate Engagement within the ICAPs pillars.

Read the Capital + SAFI ICAP case study here.

Impax Asset Management (UK)

Impax, a global asset manager headquartered in the U.K. with a strong U.S. presence (via the Pax World Funds and other products), has long been a leader and pioneer in integrating climate risk and other sustainability considerations into its investment beliefs and practice and has a storied history of engagement with policy makers and regulators to advocate for integral climate policy. Impax’s ICAP case study covers Policy Advocacy within the ICAPs pillars.  

Read the Impax ICAP case study here.

Nest Corporation (UK)

Nest Corporation has been at the forefront of asset owners’ action to support the net zero transition. The pension fund developed a Climate Change Policy in 2020/21 which sets out an ambition to align its investment strategy to the 1.5°C global goal by reaching net zero emissions across its investment portfolio by 2050 at the latest. Nest Corporation’s case study covers Corporate Engagement within the ICAPs pillars. 

Read the Nest ICAP case study here.

New York State Common Retirement Fund (US)

For more than a decade, the New York State Common Retirement Fund (NYS Common), one of the largest public pension funds in the U.S. and recently valued at around $279.7 billion, has been a cutting-edge sustainable investment leader. The Fund has long believed that climate change is one of the most important risks and opportunities for its portfolio and members’ retirement savings. NYS Common’s ICAPs case study covers all pillars of the ICAPs Expectation Ladder, Investment, Corporate Engagement, Policy Advocacy, Disclosure and Governance. 

Read the NYS Common ICAP case study here.

NN Group (The Netherlands)

NN Group is an international financial services company that holds approximately $199bn general account assets. NN has disclosed its first set of ambitious and comprehensive targets to support and track its contribution to the global net zero goal. NN Group’s ICAP case study covers Disclosure within the ICAPs pillars.

Read the NN Group ICAP case study here.

Northern LGPS (UK)

Northern LGPS is the partnership between the Greater Manchester (GMPF), Merseyside (MPF) and West Yorkshire (WYPF) Local Government Pension Scheme (LGPS) funds, holding £46bn AUM and representing 880,000 members and over 1,100 contributing employers. Northern LGPS’ ICAP Case study covers Investment within the ICAPs pillars. 

Read the Northern LGPS ICAP case study here.

Railpen (UK)

Railpen manages the pensions of over 500,000 members, holding £35bn in AUM. Railpen utilizes target setting, stewardship and engagement with portfolio companies and policy advocacy to support the global transition to net zero, as well as the transition of its own portfolio. Railpen’s ICAP case study covers Investor Disclosure, Corporate Engagement, and Policy Advocacy within the ICAPs pillars. 

Read the Railpen ICAP case study here.

San Francisco Employees’ Retirement System (US)

The San Francisco Employees’ Retirement System (SFERS) is dedicated to securing, protecting, and prudently investing the pension trust assets and providing promised benefits to the active and retired members of the City and County of San Francisco. To deliver its purpose, SFERS believes it is vital to have a plan to integrate climate risk into its investment policies and to articulate this strategy and plan to its stakeholders. The SFERS ICAP case study covers all pillars of the ICAPs Expectation Ladder, Investment, Corporate Engagement, Policy Advocacy, Disclosure and Governance.

Read the SFERS ICAP case study here.

TelstraSuper (Australia)

TelstraSuper is Australia’s largest corporate, profit-to-member superannuation fund with around $25 billion of assets invested on behalf of 85,000 members. As a long-term institutional investor in Australian and global financial markets, TelstraSuper has an important role to play in minimising the impact of climate change where possible.  TelstraSuper’s ICAP case study covers Investment, Corporate Engagement, Disclosure and Governance within the ICAPs pillars. 

Read the TelstraSuper ICAP case study here.

January 2022

Allianz (Germany)

Allianz is committed to decarbonizing its proprietary investment portfolio to net-zero emissions by 2050. It has committed to science-based targets in line with 1.5-degree pathways and developed a strategy that focuses on setting intermediate targets for two of the highest emitting sectors – Utilities and Oil & Gas. This strategy is aligned to Tier 1 in the ICAPs Expectations Ladder for the Investment focus area.
Read the Allianz ICAP case study here.

Aware Super (Australia)

Aware Super’s Climate Change Portfolio Transition Plan (CCPTP) is an industry-leading example of how an asset owner is managing climate change risk and transitioning its $150bn portfolio to a low-carbon economy while continuing to deliver members with long-term, sustainable returns. It incorporates portfolio-wide short, medium and long-term targets, advocates for a just transition, stronger policy and regulatory support, and outlines an effective long-term engagement program to reach net zero by 2050 and aligning to a 1.5 degree scenario. Based on the case study, Aware Super has assessed itself as being Tier 3 in the Investor disclosure ICAPs pillar.
Read the Aware Super ICAP case study here.


CalSTRS (California State Teachers’ Retirement System) has long recognized that climate change is a significant and growing risk for investors and economies. CalSTRS’ plan addresses all focus areas of the ICAPs Expectation Ladder – investment, corporate engagement, policy advocacy, investor disclosure and governance – and includes a target to align its investment portfolio to net-zero by 2050 or sooner.
Read the CalSTRS ICAP case study here.

Cathay Financial Holdings (Taiwan)

Cathay is a leader across Asia in integrating climate change risks, opportunities and other ESG factors into its investment and other business processes, and has implemented multiple climate-related initiatives through its Corporate Sustainability Committee and TCFD Task Force. Cathay is currently undertaking multiple Tier 1 and Tier 2 actions of the ICAPs ladder across the corporate engagement and policy advocacy pillars.
Read the Cathay Financial Holdings ICAP case study here.

FAMA Investimentos (Brazil)

FAMA Investimentos has established themselves as a leader in ESG investing and active portfolio decarbonization. FAMA Investimentos’ ICAP addresses all focus areas of the ICAPs Expectation Ladder. FAMA is aligned to Tier 1 in Policy Advocacy and Investor Statements, and Tier 3 Investor Disclosure around carbon emissions.
Read the FAMA Investimentos ICAP case study here.

IFM Investors (Australia)

IFM Investors is focused on mitigating the financial risks of climate change and supporting the transition to a net zero carbon economy. IFM is developing a firm wide climate strategy to plan its pathway to reducing emissions across all of its asset classes targeting net zero by 2050, which will include interim 2030 emissions reduction targets and aligns with Tier 2 in the Investment ICAPs pillar.
Read the IFM Investors ICAP case study here.

Mirae Asset Global Investments (South Korea)

Mirae Asset Global Investments (Mirae Asset) takes a collaborative approach in managing a fully diversified investment platform, and is working towards multiple Tier 2 actions within the ICAPs ladder under the investment pillar. Mirae highlights their approach to integrate climate change in their traditional investment strategies through thematic investing, divestments, and engagement, as well as in assessing climate-related risks as part of their risk management processes, and monitoring temperature alignment for some parts of their portfolio.
Read the Mirae Asset Global Investments ICAP case study here.

PensionDanmark (Denmark)

PensionDanmark, a Danish labor market pension fund, is committed to contribute to a more sustainable society. Its case study predominantly focuses on its actions within the ICAPs Ladder around Corporate Engagement, particularly through its use of tools such as the Transition Pathway Initiative (TPI), a global asset-owner led initiative.
Read the PensionDanmark ICAP case study here.

Sumitomo Mitsui Trust Asset Management (Japan)

Sumitomo Mitsui Trust Asset Management (SMTAM) is undertaking multiple Tier 1 and 2 actions within the ICAPs ladder on Policy Advocacy including being a longtime supporter of collaborative investor statements, actively participating in member-based associations and encouraging governmental bodies to include climate change as part of their agenda. SMTAM also undertakes multiple actions across different tiers of the ICAPs Corporate Engagement pillar as an active participant in multiple collaborative engagement programs, on top of bilateral engagements with portfolio companies on climate change, and has established an escalation strategy on its voting guidelines.
Read the Sumitomo Mitsui Trust Asset Global Asset Management ICAP case study here.

UniSuper (Australia)

UniSuper is committed to a 2050 net-zero portfolio ambition. UniSuper will use the ICAP framework and SBTi methodology to set future short-term targets. It predominantly focuses on Disclosure, where it is aligned to Tier 1 of the ICAPs Expectation Ladder and Corporate Engagement, which is aligned to Tier 2.
Read the UniSuper ICAP case study here.