Creating a new climate for change
Our climate commitments
As part of the fight against climate change, we are committed to cooperating with other asset managers and stakeholders in the pursuit of a more sustainable financial system. This involves a series of efforts.
Net Zero Commitment
We became a signatory to the Net Zero Asset Managers (NZAM) initiative1 in July 2021, with the goal of playing a more prominent role in proactively pushing forward the transition to a low-carbon economy. The agreement also accelerates our journey towards developing climate solutions that support the net-zero transition. Crucially, our approach is to dedicate 38% of total assets under management (AUM) – across listed equities and corporate fixed-income investments – to decarbonisation. This will be achieved by reducing our portfolios’ Scope 1 and Scope 2 emissions intensity by 58% by 2030. Our ultimate goal is to achieve net-zero emissions across all AUM by 2050 at the latest.
This is just the latest stage of our journey. Through our involvement with Climate Action 100+ since its inception in 2017, we have been engaging with a growing number of the world’s largest corporate greenhouse-gas emitters on how to take necessary action to lower their climate impact. We were also a founding signatory to the One Planet Asset Managers initiative, established in 2019. This brings together leading sovereign wealth funds and asset managers to accelerate the integration of climate-change issues into the management of large, long-term asset pools, thereby improving long-term returns.
In September 2022, we committed to phase out thermal-coal investments by introducing a new, formal thermal-coal policy2.
Our Thermal Coal Policy
Our active funds will exclude coal-fired power and thermal-coal mining companies in EU and OECD countries by 2030, and worldwide by 2040. We will also engage more directly with company management from companies with inadequate transition plans.
