The Dutch pension fund, investing via APG as its fiduciary manager, plans to invest €30 billion ($34.9 billion) in the climate transition by the end of the decade – a third of which it says will be in impact investments.

According to its climate policy, these will include investments in unlisted infrastructure, real estate, and private equity opportunities across green energy, smart networks, insulation, hydrogen and green hydrogen, clean mobility, energy storage, and climate adaptation.

The past year has seen ABP, representing government and education employees in the Netherlands, make progress on this target. In the past year, the pension fund partnered with real estate developer and manager Greystar. Through a joint initiative, the pair develops new rental housing for middle-income working people and retirees in the Netherlands.

Having initially invested €420 million, ABP topped up this investment in September with €526 million.

According to the governance agreements put in place by the pension fund, a "credible" theory of change must be drawn up for each impact investment. ABP establishes the objectives of each investment and the indicators for impact measurement, including the impact objectives for its administrator.