Switzerland-based asset managers are among the 41 which joined an initiative which aims to support the goal of net zero greenhouse gas emissions by 2050.
Zurich-based GAM Investments and Swisscanto, the asset management unit of the Zurich Cantonal Bank (ZKB), Tuesday joined the Net Zero Asset Managers initiative.
$43 trillion in assets
Other asset managers joining the initiative include Amundi Asset Management, Sumitomo Mitsui Trust Asset Management, Franklin Templeton, and HSBC Asset Management.
The additional signatories mean a total 128 investors, collectively managing $43 trillion in assets, or around 43% of the global total, are now members, the initiative said on its website.
Members of the organization commit to setting interim greenhouse gas reduction targets for 2030, consistent with a fair share of the 50% global reduction in CO2 identified as a requirement in the IPCC special report on global warming of 1.5 degrees Celsius, taking account of portfolio Scope 1 & 2 emissions and, to the extent possible, material portfolio Scope 3 emissions.
They also commit to prioritizing the achievement of real economy emissions reductions within the sectors and companies in which they invest, and if using offsets, investing in long-term carbon removal, where there are no technologically and/or financially viable alternatives to eliminate emissions.
Scope 1 emissions are direct ones, Scope 2 are indirect owned emissions and Scope 3 are indirect not owned emissions.
«Addressing climate change is a critical and central driver for the next phase of economic transformation, with far-reaching implications for society. We are committed to providing the investment leadership, innovation and sustainable thinking to help our clients drive and navigate this low-carbon transition,» GAM CEO Peter Saunderson said in a press release.