Statement on Net-Zero Asset Owner Alliance Oil and Gas Sector Position Paper

UPP welcomes the recent release of the UN-convened Net-Zero Asset Owner Alliance’s (NZAOA) position paper on the Oil and Gas Sector. The paper underscores the alliance’s recognition that unabated climate change poses significant economic and investment risks.

The position paper outlines NZAOA’s expectation that its members to make no new direct investments in upstream oil and gas infrastructure projects in new unabated oil and gas fields. It also lays out other actions and principles for alliance members to consider adopting, including in their engagement with oil and gas companies.

As a NZAOA member, UPP will carefully consider our position on each of the alliance’s expectations.

As described in UPP’s Climate Action Plan, we believe that investors have several mechanisms to catalyze the transition to a resilient, net-zero world. Many of UPP’s practices and policies align with those laid out in the position paper, including our investor stewardship activities, engagement with asset managers, and our support for policy and regulatory efforts that address climate change.

For more information on UPP’s climate-related and responsible investing approach, please visit: