In July 2022, global investor Nordea Asset Management (NAM) launched the first phase of a three-year collaboration with several partners, including Amundi, PenSam, AP7, Brunel Pension Partnership and the California State Teachers' Retirement System (CalSTRS), to engage with 21 oil, gas and utilities companies on the disclosure and mitigation of their methane emissions.

This includes asking investee companies to join the Oil and Gas Methane Partnership (OGMP) 2.0, an oil and gas reporting and mitigation programme of the United Nations Environment Programme (UNEP.

Of those approached, four companies have signed up to OGMP 2.0, including Brazilian state-owned oil and gas giant Petrobras and US group EOG Resources. Nordea is now initiating its second phase of the initiative by engaging with utilities and midstream energy companies. Phase three will target waste management companies.

Eric Pedersen, head of responsible investments at Nordea Asset Management commented: "We are very pleased to receive recognition for our efforts to urge companies held in our portfolios to join the OGMP. Supporting OGMP 2.0 through this engagement aligns closely with NAM's longstanding focus and expertise in climate investing.

"With the immediate warming effect of methane at 80 times that of CO₂, reducing methane emissions is the most effective way to reduce destructive global warming in the near term.

"Although several of our investee companies have already joined, there is still significant scope for improvement across the industry – which is why we encourage all investors to put methane at the top of their engagement agenda."