Net zero asset managers fall short of targets set by scientists

Asset managers who say they're committed to net-zero carbon emissions may just have failed their first real test.

Michael Bloomberg, co-chair of the Glasgow Financial Alliance for Net Zero speaking at COP26 in Glasgow. | Photo: Alastair Grant/AFP / POOL

According to environmental nonprofit group Universal Owner, firms in the Net Zero Asset Managers initiative that have recently disclosed interim portfolio decarbonization targets are currently on track to cut their CO2 footprint by just 20 percent this decade.

That's well below the 50 percent identified by scientists as critical to reaching a mid-century goal of full carbon neutrality, and to stop temperatures rising more than 1.5C.

"Asset managers have become colossal actors that own and finance a huge cross-section of the global economy," said Louis Fletcher, lead researcher at Universal Owner.

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