Net Zero Asset Managers Initiative Triples in Assets Under Management
Today (March 29) Storebrand Asset Management along with 42 new investor signs the Net Zero Asset Managers Alliance initiative. The group of Asset Managers will work in collaboration with clients to achieve 2030 emissions reduction targets and reach net zero by 2050 or sooner. The initiative now has a total of 73 global asset manager signatories, representing $32 trillion in assets under management, representing more than a third (36%) of the total assets under management across the globe.
- Our commitment to become Net Zero by 2050 dates back to 2019, but we are re-enforcing this commitment today by joining the Net Zero Asset Managers Alliance. There is a lot we can do on our own in accelerating the green transition, but we are much more powerful in alliances. It is when we join forces with other asset managers, companies' regulators and civil society that we are most successful. On climate action, we win or lose together, says Jan Erik Saugestad, CEO Storebrand Asset Management.
The Net Zero Asset Managers Alliance initiative was launched in December 2020, committing to support the goal of net zero greenhouse gas emissions by 2050 or sooner, in line with global efforts to limit warming to 1.5°C.
To ensure real world progress ahead of 2050, the asset manager signatories have committed to set interim targets for 2030, consistent with a fair share of the 50 per cent global reduction in greenhouse gases identified by the Intergovernmental Panel On Climate Change (IPCC) to halt global warming at 1.5°C. Supporting the acceleration of action, signatories will submit an interim target, within a year of joining the initiative, for the proportion of assets to be managed in line with reaching net zero emissions by 2050 or sooner.
Asset managers joining the initiative commit to transparent and rigorous accountability. Signatories will annually report progress against the Task Force for Climate-related Financial Disclosures (TCFD) recommendations, including setting out a climate action plan and submitting this to The Investor Agenda via its partner organisations for review to ensure the approach applied is based on a robust methodology, consistent with the Race to Zero criteria, and action is being taken in line with the commitments.
For further information, please visit www.netzeroassetmanagers.org