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24 November 2022, Geneva: Recognising that decarbonisation of personal property is essential for the fulfilment of members’ net-zero commitments, the UN-convened Web-Zero Asset Proprietor Alliance releases a Call to Action to Private Market Asset Managers, outlining its suggestions for addressing local weather threat.
Whereas unmitigated local weather change presents an existential threat to the core enterprise of asset homeowners, personal markets are well-positioned to contribute to threat administration. Subsequently, this newest name to motion is supposed to encourage all asset managers (and particularly these which can be but to sufficiently handle local weather threat) to boost their stage of local weather ambition.
Patrick Peura, Engagement Observe Co-Lead, NZAOA and ESG Engagement Supervisor, Allianz SE, mentioned:
“Amongst personal asset managers, there may be range of approaches to local weather change that displays their various organisations—that is constructive. Nonetheless, every of those approaches ought to have the pursuits of their asset proprietor shoppers on the core and may meet their shoppers’ minimal expectations. For Web-Zero Asset Proprietor Alliance members, that is the one approach to drive change in investee companies, to safe sustainable and local weather resilient portfolios, and to fulfill the Alliance’s Dedication.”
For asset managers in personal markets to robustly symbolize their shoppers’ long-term pursuits, they need to combine local weather change concerns throughout all their enterprise actions, together with funding selections.
The Alliance units requests for all personal asset managers, but in addition gives extra particular actions for every asset class. These cowl subjects from asset managers’ governance construction and disclosure on portfolio greenhouse fuel emissions, to financing the transition by in search of investments aligned with local weather taxonomies.
Importantly, the paper builds on and highlights the work of the continuing initiatives and organisations on this subject and invitations asset managers to contemplate supporting and/or becoming a member of them.
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Concerning the UN-convened Web-Zero Asset Proprietor Alliance
The Net-Zero Asset Owner Alliance is a member-led initiative of 82 institutional traders, with over US$11 trillion in property underneath administration, dedicated to transitioning their funding portfolios to net-zero GHG emissions by 2050. The Alliance members had been the primary in monetary trade to set intermediate targets (aligned with the Paris Settlement schedule) they usually report on their progress yearly. The Alliance is convened by UNEP FI and PRI and is supported by WWF and World Optimism.
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