The Greater Manchester and Merseyside pension funds are part of a $130bn commitment to be invested in clean energy and climate projects by 2030
The deal was announced at COP26 in Glasgow by CEOs of Nordic and UK pension funds who will also report annually on the progress of their climate investments.
The Climate Investment Coalition (CIC) includes asset owners in Sweden, Norway, Finland, Denmark, Iceland, the Faroe Islands and the UK.
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The Greater Manchester Pension Fund and Merseyside Pension Fund have both signed up to the deal.
The next stage from 2022 and beyond, will be to mobilise new commitments, in particular from investors in the EU, UK, U.S and others.
CIC co-chair Peter Damgaard Jensen said: "These ambitious pension funds are taking critical steps to ensure pensions take advantage of the enormous opportunities of the green transition, help spur immediate solutions to lower carbon emissions, while protecting our savings against the ravages of climate change.
"As we look ahead beyond COP26, we aim to grow these financial commitments, raising investor ambition to create a far reaching impact by 2030."
CIC works directly with committing institutional investors to ensure that commitments are being implemented, tracked and reported on annually to reach investment targets by 2030 or earlier.
It is an international public-private sector initiative between the Danish Ministry of Climate, Energy & Utilities, Insurance & Pension Denmark, Institutional Investors Group on Climate Change (IIGCC), Finance Denmark and World Climate Foundation.
