All members of the Alliance have committed to transitioning their investment portfolios to net-zero greenhouse gases emissions by 2050 and the members were the first in the financial industry to set intermediate targets (aligned with the Paris Agreement schedule) to ensure being on the right path. They report on their progress annually.
Nordea will now have a seat in the nine-member body, together with executives from some of the world’s largest asset owners (e.g. Allianz, AXA and Nippon Life).
The steering group sets the strategic direction for one of the most important and impactful alliances in the financial sector when it comes to combating climate change. The first steering group meeting that Katja Bergqvist will participate in takes place now in June.
“I’m of course honoured to be elected to the steering group and I’m looking forward to contributing to the direction-setting of the Alliance on a global level. I’m also proud that Nordea Life & Pension, on behalf of our customers, are well on track to meet the 2025 interim target of reducing our carbon footprint,” says Katja Bergqvist.
Our engagement in the Alliance is part of embedding sustainability in our business strategy and demonstrating to our customers and other stakeholders that we “walk the talk”. For our customers investing in life and pension products it also means they can rely on their savings being an active part of transitioning to net-zero greenhouse gases emissions by 2050.
A current key topic for the Alliance is how to best approach, as an investor, the gas and oil sector to rapidly reduce oil and gas demand and increase the supply and availability of renewable alternatives as well as how to set relevant and actionable targets in line with the 1.5°C pathways. Another topic that is receiving increased attention is deforestation. The Alliance has also recently urged the G7 finance ministers to join the call for a reform of how multilateral development banks (MDBs) and development finance institutions (DFIs) can mobilise investments in clean energy transition in emerging and developing economies.