The Alliance was initiated by Allianz, Caisse des Dépôts, La Caisse de dépôt et placement du Québec (CDPQ), Folksam Group, PensionDanmark, and SwissRe. Since then, Alecta, AMF, CalPERS, Nordea Life and Pension, Storebrand, and Zurich have joined as founding members.

Aviva, AXA, CNP Assurances, Fonds de Réserve pour les Retraites (FRR), Generali, the Church of England, Munich Re, ERAFP, KENFO, Wespath, PFA pension, SCOR, MP Pension, Danica Pension, the United Nations Joint Staff Pension Fund, the David Rockefeller Fund, Cbus and BT Pension Scheme are all now members..

Convened by UNEP’s Finance Initiative and the Principles for Responsible Investment, the Alliance is supported by WWF and is part of the Mission 2020 campaign, an initiative led by Christiana Figueres, former Executive Secretary of the United Nations Framework Convention on Climate Change (UNFCCC). The Alliance is part of the Race to Zero Campaign.

The Alliance was launched at the Climate Action Summit in New York, September 2019.