Pensioenfonds Detailhandel, a €35 billion ($35.7 billion) pension fund managing retirement benefits for Dutch retail sector employees, has withdrawn from the Net-Zero Asset Owner Alliance (NZAOA).
The fund, which joined the NZAOA in 2021, had set ambitious climate goals, including a 60% reduction in portfolio emissions by 2030 and a significant increase in sustainable investments. However, no official comment has been provided by Pensioenfonds Detailhandel or the NZAOA regarding the departure.
Pensioenfonds Detailhandel’s exit comes amid broader challenges for climate-focused alliances. Several recent withdrawals from the Net-Zero Asset Owner Alliance and similar groups, such as the Net-Zero Banking Alliance, highlight the increasing difficulty of meeting climate commitments under regulatory and operational pressures.
The fund’s exit follows the Danish pension fund PKA, which left in September 2024 to focus on the Paris Aligned Asset Owners initiative. Other recent departures include German insurer HanseMerkur, Australian super fund CBUS, and the Church of England Pensions Board.
Despite this departure, several Dutch pension funds remain members of the NZAOA, including Aegon, Pensioenfonds SPIN, Stichting Pensioenfonds Medisch Specialisten (SPMA), and Univest. These funds continue to pursue ambitious climate and sustainability goals while navigating the growing demands of European sustainable finance regulations.
The Pensioenfonds Detailhandel departure follows several recent exits from the Net-Zero Banking Alliance (NZBA) and Net Zero Asset Managers initiative by big US actors.
