Storebrand sets climate demands for external managers

External partners of Storebrand and Swedish subsidiary SPP now have to adopt the net-zero emissions policy of the Paris Agreement. The firm is open to re-evaluating relationships in the coming year if external managers do not adapt.

Photo: PR / SPP

Last week Norwegian insurance and pensions giant Storebrand and its Swedish subsidiary SPP sent letters to all its external manager with new sustainability-related demands. All external asset managers now have to adopt the Paris Agreement's net-zero emissions goal to manage money for the Nordic firm. They also need to implement clear shorter-term goals for reducing emissions in their portfolio.

Storebrand has SEK 1,000bn (EUR 99.2bn) in assets under management. At the Swedish subsidiary, 60 external partners managing SEK 38bn (EUR 3.77bn) are now expected to follow these demands, SPP Head of Sustainability Johanna Lundgren Gestlöf tells AMWatch.

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