Insurers, pension funds ramp up efforts to shift assets away from fossil fuel industries

first_img FacebookTwitterLinkedInEmailPrint分享Reuters:Insurers and pension funds managing $2.3 trillion pledged on Monday to shift their portfolios away from carbon-heavy industries in the hope of triggering snowballing climate commitments from other big investors.German insurer Allianz, the California Public Employees’ Retirement System (CalPERS), and Swedish pension fund Alecta were among the founders of the new “Net Zero Asset Owner Alliance” launched at a United Nations climate summit.As accelerating climate impacts become increasingly apparent via heatwaves, wildfires and receding coastlines, the financial sector is under growing pressure from activists, shareholders and regulators to respond.Members of the new grouping pledged to align their portfolios with a goal enshrined in the 2015 Paris Agreement to combat global warming to limit the increase in average temperatures to 1.5 degrees Celsius. Under current emissions pledges by governments, the Earth is on track for well over 3 degrees Celsius of warming by the end of the century — an outcome that scientists say could put the survival of modern industrial societies at risk.The pension funds and insurers said they would rebalance their portfolios to ensure their investments were carbon neutral by 2050, with intermediate targets set for 2025, 2030 and 2040. They also pledged to make regular public progress reports.The nucleus of founding members hope they will influence an ever-growing proportion of the world’s other big pension funds and insurers to push high-carbon companies towards more sustainable economic activities. The new coalition was organized by groups including the Geneva-based United Nations Environment Finance Initiative and Mission2020, a network to spur faster climate action led by Christiana Figueres, a former U.N. climate chief. Among the other founding members are PensionDanmark, Swedish pension manager AMF, Nordea Life & Pension, Norwegian insurer Storebrand, and Swiss RE.More: Pension funds and insurers pledge climate action at U.N. summit Insurers, pension funds ramp up efforts to shift assets away from fossil fuel industrieslast_img

Leave a Reply

Your email address will not be published. Required fields are marked *