Nordea Asset Management commits to net zero emissions goal in a new global initiative

Smoke emerging from chimney
20-12-11 10:56 | Markets and investments | Sustainability

Today Nordea Asset Management has together with 29 other leading asset managers founded a global initiative to support the goal of net zero greenhouse gas emissions by 2050 or sooner. 

The initiative is in line with the global efforts to limit warming to 1.5°C.  The asset managers are representing over USD 9 trillion of assets under management.

Nils-Bolmstrand-232x155“Nordea Asset Management (NAM) is very happy to be a founding member of this important group, which will be natural counterpart to the Net Zero Asset Owner’s initiative, and will help support the asset management industry in its necessary move towards full Paris compliance,” Nils Bolmstrand, head of Nordea Asset Management says.

“The targets of the align fully with NAM’s internal climate targets, and we expect to see further development along these lines in the coming years,” Nils Bolmstrand says.

The 30 founding investor signatories to the Net Zero Asset Managers initiative will work in collaboration with their clients to achieve target-based net zero goal by 2050 or sooner.

Delivery of the commitment also includes prioritising the achievement of real economy emissions reductions within the sectors and companies in which the asset managers invest.

The launch of the Net Zero Asset Managers initiative comes ahead of the five-year anniversary of the Paris Agreement tomorrow Saturday 12th December. A key ‘Climate Ambition Summit 2020’ event, co-hosted by the UK COP26 Presidency, the UN and France will mark the occasion and contribute to further climate action on the run up to next year’s COP26 climate conference.

The commitment

The 30 founding investors and signatories have committed to:
 
  • Work in partnership with asset owner clients on decarbonisation goals, consistent with an ambition to reach net zero emissions by 2050 or sooner across all assets under management; 
  • Set an interim target for the proportion of assets to be managed in line with the attainment of net zero emissions by 2050 or sooner; and
  • Review their interim target at least every five years, with a view to ratcheting up the proportion of AUM covered until 100% of assets are included.  
To fulfil the requirements established by the initiative, signatories have also made a further nine commitments, including:  
  • Set interim targets for 2030, for assets to be managed in line with the net zero goal, consistent with a fair share of the 50% global reduction in CO2 identified as a requirement in the Intergovernmental Panel on Climate Change (IPCC) special report on global warming of 1.5°C

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