On 17 September 2026, the UN-convened Net-Zero Asset Owner Alliance (NZAOA) published an updated Call to Action to Private Market Managers, setting out clear expectations for how firms managing private equity, private debt, infrastructure and real estate should handle climate risks and opportunities on behalf of asset owners.

These private market investments now sit at the heart of pension funds, insurers and other long-term investors. That means the way managers respond to climate change can directly affect the value and resilience of the savings held for millions of pension holders and policyholders.

The Call to Action offers seven practical recommendations: align firms with a credible net-zero strategy, build better climate data, use engagement tools to drive decarbonization, factor in physical climate risks, manage high-emitting assets with discipline, support credible transition finance, and scale investment in climate solutions. Six guiding principles underpin them, including consistency across the firm, focusing on real-economy outcomes, acting on the data available today, and staying transparent and accountable.