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Pensioenfonds Metaal & Techniek (PMT)

Initial target disclosure: November 2022

Portfolio level

Portfolio level – Portfolio decarbonisation reference target

PMT uses sector targets instead of targets on a portfolio level as suggested in the NZIF, as these more specific targets better fit with our intention to move towards a portfolio with assets in line with a 1.5 degrees scenario (portfolio targets can be reached by underweighting carbon intensive sectors, sector targets cannot). Approx. 62% of financed emissions are covered by sector targets.

PMT has not set a reduction target on the overall carbon intensity, PMT will continue to measure and report the carbon intensity based on EVIC.

Baseline performance:

Portfolio emissions as per 2021 based on EVIC:

Listed equities:

  • Absolute scope 1 & 2: 1,505,876 tCO2e
  • Per 100 Euro invested: 6.,9 kg CO2e8


  • Absolute scope 1 & 2: 2,790,866 tCO2e
  • Per 100 Euro invested: 13.0 kg CO2e

Target year: 2030


  • Reduction of emission intensity of companies in the oil & gas industry to 40.95 grams of CO2 (equivalents) per MegaJoule of energy produced
  • Reduction of utility emissions intensity to 0.14 metric tons of CO2 (equivalents) per Megawatt-hour of energy produced
  • Reduction of emission intensity of airlines to 616 grams of CO2 per RTK (revenue tons KM)
  • Reduction of emission intensity of aluminium producers to 3.07 tonnes of CO2 (equivalents) per tonne of aluminium produced
  • Reduction of emission intensity of car manufacturers to 41 grams of CO2 emissions per kilometre driven for newly produced vehicles
  • Reduction of emission intensity of cement producers to 0.42 tonnes of CO2 per tonne of cement product produced
  • Reduction of emission intensity of steel producers 1.13 tonnes of CO2 (equivalents) per tonne of steel produced by 2030

GHG scopes included:

Scope 1 and 2 carbon footprint:

  • Listed equities: full coverage
  • Investment grade: 95.3% coverage
  • HY bonds: 78% coverage

Coverage of TPI data:

  • Listed equities: 71 companies, responsible for approximately 63% of the carbon emissions of the portfolio
  • Bonds: 41 companies, responsible for 19% of the carbon emissions of the portfolio

PMT will start measuring scope 3 emissions as part of the measurement of the SFDR’s Principal Adverse Indicators.

When appropriate data is available, targets are set in sectors where companies have influence on scope 3 emissions and where scope 3 is an important part of total emissions.

Asset classes in scope: Listed equity (EM/DM) and corporate fixed income (US/EU high yield and EU Investment grade). As of the end of 2022, this covers around 43% of AUM.

We intend to further incorporate other asset classes into the targets as data and methodologies improve.

Methodology/net zero scenarios: The targets are based on the pathways calculated by the Transition Pathway Initiative. They are derived from the IEA scenarios. Where possible, the 1.5 degrees scenario is used for determining targets, in line with the guidance regarding pathways in the NZIF. The intensity levels fit with a 1.5 degrees scenario in 2030, except for aluminium and car producers. For these sectors, ‘below 2 degrees’ scenarios were applied, as the required data for an adjustment of the targets in line with a 1.5 degrees pathway are not available yet. We intend to update the intensity levels when the respective 1.5 pathways become available.

Emissions metrics: By moving towards a lower carbon intensity in the carbon intensive sectors, PMT expects the absolute emissions related to its portfolio to decrease in parallel. PMT’s primary goal is to align its investments with a 1.5 degrees scenario

Portfolio level – Investment in climate solutions target

Quantitative target


  • Currently Euro 370 million invested
  • Euro 700 million committed on top of Euro 370 million ultimo Q2 2022

Target years: 2025, 2030

Target: The overall goal is investing 10 billion in impact investments in general. PMT aims to specifically invest 4 billion in the energy transition (predominantly renewable energy).

In 2018, a first target on the total amount of impact investments was introduced. In 2022 this target was further increased to 4 billion in 2025, with an ambition to work towards 10 billion of impact investments in 2030.

Methodology: PMT uses the following elements to define impact investments:

  • Intentionality (the asset was added to the portfolio with the intention to contribute to the energy transition or one of PMT’s other impact themes)
  • Measurability of impact
  • Appropriate financial return
  • Classification of the investment as prevention of/solution for solving societal issues

The current impact investments in the Energy Transition only include investments within our infrastructure debt and infrastructure equity portfolio.

The ambition to invest 4 billion in Energy Transition is the result of:

  1. Analyses on the investment potential within the current infra equity and infra debt mandates;
  2. The required growth rate related to the European targets on renewable energy in the total energy mix (35% in 2030);
  3. The expected development of PMT’s AUM

Asset level

Asset level – Portfolio coverage target

Baseline: PMT can currently measure the carbon performance for 71 companies in its equity portfolio with TPI data. These 71 companies combined are responsible for approximately 63% of the carbon emissions of the equity portfolio.

Of these 71 companies, 29% are in line with a B2DS pathway or better.

In comparison: 16% of all the companies that have a carbon performance score in the TPI database are in line with a B2DS pathway.

Further research is necessary to determine the degree of alignment of assets in the real estate portfolio.  

Target year: 2030

Target: PMT aims to invest only in Paris-aligned positions by 2030.

We use the TPI data as a proxy to define alignment. We intend to further develop our definition for alignment, and also try to find a solution for assets that we cannot measure with TPI data.

In order to be able to achieve this goal, a large worldwide change is needed:  currently only a very limited number of companies follow a Paris aligned pathway. In our action plan we describe our assumptions and dependencies.

Asset classes in scope: Listed equity, corporate fixed income and real estate

Data sources:

  • Listed equities and bonds: Transition Pathway Initiative
  • Real estate: CRREM

Additional information: We intend to update our definition of ‘alignment’ in line with the latest research. We use the NZIF as guidance to further develop our definition of an aligned company.

Asset level – Engagement threshold target


  1. Proportion of financed emissions that meet net zero “aligned” criteria

PMT can measure the degree of alignment only for a part of its portfolio. Within the equity portfolio,  PMT estimates that the companies that are aligned with B2Ds pathway according to TPI data, are responsible for approximately 20% of the carbon emissions. Within the material sectors, the companies in the equity portfolio that are aligned with the B2Ds pathway contribute to approximately a quarter of the carbon emissions.

  1. Proportion of financed emissions in material sectors that are subject to engagement

In the PMT equity portfolio per end of June 2022 (EURO 18 billion), 159 companies (out of approx. 1400 companies in the equity portfolio) were identified that fall into high climate risk sub-industries. These companies are responsible for 74% of the CO2 emission of the equity portfolio. 38 out of the 159 companies are currently subject to engagement efforts. These companies are responsible for almost a quarter of the total carbon emissions within the equity portfolio and one-third of the carbon emissions in the material sectors.


This brings our “Proportion of financed emissions in material sectors that are either already meet net zero “aligned” criteria or that will be subject to direct or collective engagement & stewardship actions” to about 50%.

Additional information

Methodology: In order to achieve carbon emission reductions in the real economy in line with a 1.5 degrees pathway, companies in each sector will have to reduce their carbon emissions sufficiently.

These targets cannot be as easily achieved by divesting from carbon intensive sectors, opposed to a reduction target on portfolio level.

The sector level intensity targets reflect PMT’s overarching goal: a portfolio that comprises investee companies that act in line with a 1.5 degrees pathway. It will be a challenge to reach these targets, as currently very few companies, governments and consumers follow a 1.5 degrees pathway. Whether we will be able to create a portfolio with only aligned investments in 2030, will depend on worldwide developments. Our targets are set under the condition that we can still create a portfolio that fits with our return objective and our strategic investment policy.

Operational emissions: PMT is working on a net zero strategy for its operational emissions and will publish its targets in 2023.

Fossil fuel investment: Our targets on the Energy and Utilities sector are based on TPI data. The TPI data is based on the IEA scenarios. We work together with other investors where possible, for example via the CA100+. We ask companies to bring their activities in line with a 1.5 degrees scenario, and connect consequences if companies make insufficient progress to our requests, such as voting against board members and divesting. More detailed information (including our asks in engagements with these companies) can be found on PMT’s website: In gesprek – PMT .

Pensioenfonds Metaal & Techniek (PMT) case studies

PMT: Voting policies for net zero

27 March 2023

Commitment 6: Implementing a stewardship and engagement strategy, with voting policy