USS

Investor Profile

USS calls time on emissions reporting

USS has steadily reduced the carbon footprint of its portfolio but real world carbon intensity and global emissions have climbed relentlessly higher. Now the investor says it is going to focus more of its effort on engagement with policymakers than reporting its emissions.

Sarah RundellMarch 13, 2025

Investor Profile

USS swings into surplus but flags re-think after Thames losses

USS says losses in Thames Water have led to deep reflection on how it will invest in regulated assets in the future, flagging the need for consistent regulation to support pension fund investment. As the fund celebrates its 50th year it records a surplus for the first time since 2008.

Sarah RundellAugust 15, 2024

Strategy

UK’s transition-focused SWF gets green light

UK Chancellor of the Exchequer Rachel Reeves didn’t waste any time approving the UK’s new SWF aimed at funding the energy transition. As it begins to lay down structure and governance frameworks critics point to the challenges of bringing projects to a level where they are investable.

Sarah RundellJuly 25, 2024

Sustainability Oxford 2023

How to rewrite Modern Portfolio Theory to integrate climate risk

When it comes to climate risk, traditional scenario analysis leaves investors with more questions than answers and omits uncertainty around physical risk and the interaction between physical risk, inflation and tipping points. Investors need to abandon modern portfolio theory and find a new approach that focuses on short-term scenarios.

Sarah RundellNovember 14, 2023

Sustainability

USS outlines new climate scenarios for improved investment decision-making

USS and the University of Exeter have outlined new climate scenarios that focus on short term, real world impacts and are more useful for investors. USS will use them to develop a long-term investment outlook and top-down portfolio construction.

Amanda WhiteSeptember 7, 2023

Sustainability

Net zero: engagement and renewable energy investments pay off at USS

The UK’s largest private pension fund, USS has made ground on its path to net zero with effective engagement, measuring the Scope 3 emissions of its corporate assets and bottom-up carbon analysis focused on transition risk in emerging market equities. But investors need policy makers to do much more.

Sarah RundellAugust 8, 2023

Investor Profile

USS calls time on emissions reporting

Investor Profile

USS swings into surplus but flags re-think after Thames losses

Strategy

UK’s transition-focused SWF gets green light

Sustainability Oxford 2023

How to rewrite Modern Portfolio Theory to integrate climate risk

Sustainability

USS outlines new climate scenarios for improved investment decision-making

Sustainability

Net zero: engagement and renewable energy investments pay off at USS

California Public Employees Retirement System (CalPERS)

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California State Teachers Retirement System (CalSTRS)

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