Geneva, 17 April 2026 – The Net-Zero Asset Owner Alliance (NZAOA) announced that Josselin Kalifa, Chief Investment Officer of the Caisse des Dépôts (CDC) Asset Management Division, and Toru Shindo, Chief Investment Officer of the United Nations Joint Staff Pension Fund (UNJSPF), have been elected as the new Co-Chairs of its Steering Group.
These new leadership roles – based in Europe and in North America – underscore NZAOA signatories’ commitment to set ambition and guide the global financial sector towards a sustainable, low-carbon future.
Josselin Kalifa said: “As a founding signatory of NZAOA, CDC looks forward to this new phase and the opportunity to work with peers worldwide to define the standards and actions needed to meet our climate commitments. As an institutional investor, my intention is very clear: maintaining our requirements for finance to be an effective and operational lever of the transition. We have the ability to push the market further, let’s do it.”
Toru Shindo said: “The United Nations Joint Staff Pension Fund is honoured to take on this role at such a pivotal moment for NZAOA and global climate action. With a long-term investment perspective, we recognize our responsibility to invest for the future. Together, we will continue to drive ambition to align portfolios with net-zero pathways and deliver lasting impact.”
Under the guidance of Mr. Shindo and Mr. Kalifa, NZAOA signatories will continue to align their own institutional investment portfolios with net-zero emissions by the year 2050. NZAOA signatories remain dedicated to supporting systemic climate action across the broader financial system.
This leadership transition occurs following substantial achievements, as detailed in the fifth Progress Report, published November 2025:
- NZAOA signatories successfully directed USD 743 billion into climate solution investments by December 2024, representing 8 per cent of total assets under management.
- Signatories met their engagement targets – 78% were reported as fully achieved- and saw tangible results of continued positive investor engagement.
- Signatories reported another 6 per cent average reduction in financed greenhouse gas emissions across their portfolios in the 2024 reporting year.
The NZAOA Target Setting Protocol (TSP) Fifth Edition, published in March 2026, introduced several key features:
- Regional flexibility allows signatories to apply global targets in a practical and effective manner that respects diverse economic and regulatory environments.
- Asset manager engagement & KPIs reinforce incentives for proactive asset manager engagement.
- Climate solutions investment target channels capital directly toward technologies and businesses driving the green transition.
- A new “transition target” category enables strategic investment in high-emitting companies that have a credible and robust plan for transitioning to net-zero operations.
- Clarification for private assets applies methodologies to private assets, including infrastructure and real estate.
About NZAOA
Founded in 2019, the Net–Zero Asset Owner Alliance (NZAOA) is a signatory-led initiative comprising 86 asset owners with US$9.2 trillion in assets under management. Signatories are individually committed to aligning their investment portfolios with the Paris Agreement’s goal of achieving net-zero GHG emissions by 2050. NZAOA, convened by UNEP FI and PRI, with support from WWF and Global Optimism, was the first initiative in the financial industry to set and report on intermediate targets and provide annual progress reports.
About Josselin Kalifa
Mr. Josselin Kalifa, Chief Investment Officer of Caisse des Dépôts Asset Management Division (323 €bn AUM) oversees investment in all asset classes as well as the responsible investment department. A graduate of École Polytechnique and École des Ponts et Chaussées with postgraduate degrees from Sorbonne-Université and Université Paris-Dauphine, he is also an associate member of the Institute of Actuaries.
He began his career at the Ministry of the Economy and Finance, later serving in Beijing and at the Directorate General of the Treasury. At CNP Assurances (400 €bn AUM), the second largest life insurance company in France, he has held senior roles including Chief Investment Officer for France, where he advanced climate-focused investments and ESG governance, and Chief Risk Officer overseeing he Group’s global risk framework, with climate transition at its core. Familiar with multilateral environments and international negotiations from his extensive experience in North America (Washington DC), in Asia and within the French diplomatic network, he also held several board positions in Italy and France in insurance and asset management companies. Native French speaker, Josselin is fluent in English and speaks Mandarin.
About Toru Shindo
Mr. Toru Shindo of Japan currently serves as Chief Investment Officer of the UNJSPF Office of Investment Management, which oversees more than USD 100 billion in assets under management. With over 28 years of experience in investments and a comprehensive 38-year background in the finance industry, he meticulously manages teams across Public Equities, Fixed Income, Private Markets, and Sustainable Investment.
Mr. Shindo plays a pivotal role in recommending investment policy and strategies to the Representative of the Secretary-General, executing the strategic asset allocation, and making decisions in tactical strategies. His focus is on ensuring sustained performance over long-term horizons for the Fund.
Mr. Shindo’s journey with UNJSPF began in February 2004 as an Investment Officer for Asia Pacific equities, progressing to Senior Investment Officer in April 2007. In May 2021, he was promoted to Chief Investment Officer, becoming the first to hold this newly established position at the Fund.
Before joining UNJSPF, Mr. Shindo held the position of Director at Deutsche Trust Bank in Tokyo, where he concentrated on the active management of international equity for public and private pension funds. With a robust background spanning over 35 years in the finance industry, he has previously been associated with Bankers Trust and Nikko Securities.
Mr. Shindo earned his BA in Economics from Hitotsubashi University in Tokyo and his MBA from New York University. He holds the Chartered Financial Analyst designation.
Learn more about UNJSPF