Finland’s pension fund Keva – one of several large European pension funds revealed this week to have joined the Carbon Disclosure Project’s (CDP) latest campaign – said despite the public focus on climate alone, the sustainability of water and forests is part and parcel of the problem.

The pension fund, Finland’s largest, said it has systematically stepped up its engagement with companies to increase environmental reporting, and was now taking part for the fourth time in the CDP’s annual non-disclosure campaign, which prompts investors to engage with companies that had not responded to the CDP disclosure request.

The €58bn pension fund for public sector staff said it had been involved in 270 requests for disclosure this year, addressed to 238 companies, with 125 of these relating to climate, 17 to forest resources and 128 concerning water resources.

Kirsi Keskitalo, head of responsible investment at Keva, said: “Engagement at Keva has already for years been targeted not just at the climate but also the sustainable use of forest and water resources.

“These days, public debate tends to focus on climate even though all three are interconnected and relate to sustainable use of the natural capital,” she said.

Keskitalo said that Keva sought to promote investee reporting by direct and indirect engagement with them.

”According to CDP, companies are more than twice as likely to report their environmental information when investors actively request it. This indicates how effective engagement is,” she said.

Other major European pension investors to join the CDP’s 2021 non-disclosure campaign include Alecta, Aegon, KLP, Folketrygdfondet, AP Pension and Union Mutualiste Retraite, according to a spokeswoman for the project.

Announcing the 2021 non-disclosure campaign on Monday, the CDP said support from investors had risen by 56% this year from 2020 to total 168 global investors and financial institutions with $17trn (€14trn)  in assets.

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