The Investment Management Corp. of Ontario is joining the growing list of asset owners committing to reaching net-zero alignment in their investment portfolios by 2050 through joining the Paris Aligned Investment Initiative.

“We are committed to playing our part in the design of a new financial system that can secure a net-zero future for the world and help build a stronger, more resilient and sustainable global economy,” said Rossitsa Stoyanova, the IMCO’s chief investment officer, in a statement on the organization’s website.

Read: COP26 highlighting importance of ESG, disclosure for institutional investors

Established in May 2019, the initiative supports global asset owners and managers in implementing action in line with the Paris Agreement goals, including supporting commitments through the PAII net-zero investment framework. By joining the initiative, the IMCO is also becoming part of the United Nations Race to Zero and the Glasgow Financial Alliance for Net Zero.

“Joining the PAII is an obvious step for us as we continue to evolve and shape our long-term strategy to align ourselves with the goals and targets of the Paris Climate Accords,” said Stoyanova.

Read: Glasgow Financial Alliance for Net Zero grows to $US130 trillion in global commitments