and pension investor CDPQ, said they would cut emissions by between 49% and 65% over the next eight years, from a 2020 baseline.
As part of its second Target Setting Protocol , the group said that between 2020 and 2025, its members would aim to reduce absolute portfolio emissions by between 22% and 32%.Through the TSP, the group said it had agreed a framework for reducing financed emissions in the carbon-intensive infrastructure debt and equity sector, and doubled the business sectors covered to 14, including chemicals and agriculture.
As some of the biggest investors in companies across the real economy, the asset owners said they would engage with company boards to help them align their businesses with the world's transition to a low-carbon economy.“This advanced guidance will help investors already committed to net-zero to take the urgent shorter-term action that climate science demands," said NZAOA Chair and Allianz board member Guenther Thallinger.
"Action is needed now, and 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, and then implement those plans." As part of the commitment, the group's members will publish interim targets on a five-year cycle, he added.Reporting by Simon Jessop; Editing by Bernadette BaumSubscribe to our daily curated newsletter to receive the latest exclusive Reuters coverage delivered to your inbox.
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