Irish Life Investment Managers has committed to a comprehensive system of climate risk reporting, by signing up to the guidelines of the Task Force on Climate-Related Financial Disclosures.

The company has also published its first ever report on climate-related risks and opportunities, in line with this commitment. The report details ILIM’s sustainable investment commitment, providing greater transparency to its stakeholders on key sustainability issues within its business and investment portfolios.

In the report, ILIM details the financial disclosures it has made in line with TFCD recommendations, relating to governance, strategy, risk and opportunity management, and metrics — and targets to progress its reporting.

Managing director Patrick Burke (pictured) stated: “We recognise the significant impact climate change can have on our client's investment portfolios, and believe companies must be transparent about climate change's financial implications on their business and set out the actions they are taking to manage climate related risks to improve their resilience.

“Our proprietary equity and bond funds have reduced their carbon intensity by 26% and 50% respectively since we commenced our transition in 2019.

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“In aggregate, our responsibly managed assets under management have increased from €15 billion at the start of 2020 to more than €28 billion today, which all adds up to quite an impact on the challenges facing society and our environment. This figure reflects strategies which include the Irish Life flagship funds MAPS.”

Two headline conclusions in the report detail the rapid effect of complying with the guidelines:

• Climate and sustainable assets rose 85% in the year to date, to more than €28 billion.
• ILIM’s equity and bond funds reduced their carbon intensity by 26% and 50%, respectively.

The ILIM climate report is available to download here.