PUBLICA takes the issue of climate risks in its investments seriously. Ensuring that asset management takes account of financial risks is one of the fiduciary duties of a pension fund. Our overriding objective is to ensure that we can meet pension commitments to our beneficiaries over the long term. Careful and prudent asset management is one aspect of achieving that. To this end, in recent years the Investment Committee has had the potential financial risks of climate change thoroughly analysed and has adopted a number of measures in response. These include exiting from commodities in the energy sector, excluding coal producers from the equity and corporate bond portfolios, measuring PUBLICA’s portfolio with regard to CO2 emissions, developing and implementing a climate-efficient index for all equity portfolios, and building up investments in renewable energies within the private infrastructure bond asset class.