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Below is NZIF 2.0 implementation guidance for infrastructure. For approaches to achieving the asset level targets and more detailed guidance, please click on the NZIF 2.0 guide below.

Alignment target
  • Asset alignment target: A 5-year target for increasing the % of AUM (or financed emissions) in material sectors that are ‘aligning’ or ‘aligned’ to a net zero pathway, or achieving net zero’.
  • Engagement threshold target: A minimum proportion of financed emissions are assessed as 'achieving' or 'aligned' to a net zero pathway, or are subject to engagement.
  • NZIF recommends that for new assets where the general practitioner has significant influence, 100% of operational assets are to be classified as ‘aligned’ or ‘net zero’ by 2030, or, for acquisitions after 2025, within five years of investment. Additionally, for fund of funds, the asset owner or asset managers should aim, by 2030 at the latest, to only invest with firms or fund managers who themselves are setting asset alignment targets. Given the scale and impact of energy intensive infrastructure assets, it is additionally recommended that, for infrastructure investments, 100% of carbon-based energy and transport assets are the subject of collective or direct engagement.
  • Infrastructure as an asset class should be broadly defined to incorporate equity and debt exposure held through direct or co-investments, listed and unlisted infrastructure funds, project finance or passive investments. It typically includes greenfield and brownfield investments in economic and social infrastructure.
  • Potential crossover with other asset classes is high, which is why investors will need to assess which guidance methodology is most appropriate to their individual circumstances.
Criteria underpinning alignment assessment
  • Green ticks represent when a criterion is required to be fulfilled for a particular alignment category to be obtained.
Committed to aligning
Aligning to a net zero pathway
Aligned to a net zero pathway
Achieving net zero

Asset with emissions intensity required by the sector and regional pathway for 2050 and whose operational model will maintain this performance.

Emissions performance: Current and forecast emissions performance (scope 1, 2 and material scope 3) relative to a net zero benchmark/pathway or an asset’s science-based target. An aligned asset would need to see emissions decline consistent with targets set to converge an asset with a net zero pathway.

Decarbonisation plan: Development and implementation of a quantified plan setting out a decarbonisation strategy for scope 1, 2, and material scope 3.

Governance: Governance/management responsibility for targets and decarbonisation plan.

Disclosure: Disclosure of scope 1 and 2 emissions, and disclosure of material scope 3, in line with regulatory requirements where applicable or the PCAF Standard.

Targets: Short and medium term targets for scope 1, 2 and material scope 3 emissions in line with science-based ‘net zero’ pathway. These may be absolute, or intensity based: a) where available, a sectoral decarbonisation / carbon budget approach should be used; b) minimum for other assets is a global or regional average pathway.

Ambition: A long term goal consistent with the global goal of achieving net zero by 2050.

*Additional alignment criteria that a corporate within a high impact material sector needs to meet.

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Useful resources

Explore further IIGCC resources which offer additional guidance or information which is complimentary to the use of NZIF.