A US$10.4 trillion investor group is ratcheting up climate targets

A US$10.4 trillion investor group is ratcheting up climate targets - Bloomberg

25/1/2022 6:28:00 PM

A US$10.4 trillion investor group is ratcheting up climate targets - Bloomberg

BRUSSELS (Jan 25): A group of investors that includes Allianz SE and the California Public Employees' Retirement System has set itself new targets for reducing greenhouse gas emissions, amid concerns that time is running out to prevent the planet from overheating.The United Nations-convened Net Zero Asset Owner Alliance, a group of 69 investors with US$10.4 trillion of assets, now requires members to slash between 49% and 65% off their carbon footprint by the end of the decade, according to

BRUSSELS (Jan 25): A group of investors that includes Allianz SE and the California Public Employees' Retirement System has set itself new targets for reducing greenhouse gas emissions, amid concerns that time is running out to prevent the planet from overheating.

The United Nations-convened Net Zero Asset Owner Alliance, a group of 69 investors with US$10.4 trillion of assets, now requires members to slash between 49% and 65% off their carbon footprint by the end of the decade, according to a statement on Tuesday. Crucially, the target includes so-called Scope 3 — also known as financed emissions — which typically make up 95% to 97% of an investor's emissions.

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A BRUSSELS (Jan 25): A group of investors that includes Allianz SE and the California Public Employees' Retirement System has set itself new targets for reducing greenhouse gas emissions, amid concerns that time is running out to prevent the planet from overheating. The United Nations-convened Net Zero Asset Owner Alliance, a group of 69 investors with US$10.4 trillion of assets, now requires members to slash between 49% and 65% off their carbon footprint by the end of the decade, according to a statement on Tuesday. Crucially, the target includes so-called Scope 3 — also known as financed emissions — which typically make up 95% to 97% of an investor's emissions. "Every company is challenged to follow the lead of Alliance members and adjust business models, develop plans for the transition to a low-carbon, climate-resilient future," said Guenther Thallinger, chair of the Alliance, in a statement."Action is needed now." The finance industry has unveiled a flurry of commitments to reduce emissions since climate talks in Scotland last year. In November, the Glasgow Financial Alliance for Net Zero (GFANZ) said it had enlisted firms representing US$130 trillion in assets to the cause. But monitoring those pledges will be key, and the UN has said it plans to create a mechanism for policing net-zero claims. In a speech at COP26, UN Secretary-General Antonio Guterres said GFANZ should apply stricter membership criteria by adopting the tougher targets and transparency of the Net Zero Asset Owners Alliance. Pledges: • The group's new protocol covers 14 economic sectors, twice as many as the inaugural edition, including agriculture, chemicals, and carbon-intensive industries like concrete and aluminium. • Members of the Alliance are aiming to have sector targets in place by 2025 that cover 70% of financed emissions. • Asset classes covered now include carbon-intensive infrastructure debt and equity, in line with Partnership for Carbon Accounting Financials' carbon accounting framework. • The recommended decarbonisation range for absolute emissions reductions for the period 2020 to 2025 should range between 22% and 32%. • To date, 30 members have already set 2025 targets. Subscribe to Mid-day email alert We deliver news to your inbox daily