Total membership has grown by 12 to 86 over the past year (12 months to August), now with over US$ 9.5 trillion[1] AuM.
Ahead of COP28 in the United Arab Emirates (UAE) in six weeks, the UN-Convened Net-Zero Asset Owner Alliance releases its third annual Progress Report, demonstrating increased climate action and calling on governments to implement and accelerate policies that will unlock the flow of capital towards the net-zero transition.
Total membership has grown by 12 to 86 over the past year (12 months to August), now with over US$ 9.5 trillion[1] AuM. Through the 2023 reporting cycle, 69 members[2] with US$ 8.4 trillion in assets under management (AuM) have set intermediate climate targets in line with the Alliance’s Target-Setting Protocol, up from 44 members with $7.1 trillion in AuM last year.
The Alliance’s target-setting requirements are based on the IPCC’s no and low overshoot 1.5°C scenarios and include defining targets on engagement and at least two of three other target types—sub-portfolio, sector, and climate solution investments—12 months after joining.
Members increased ambition across sector targets for several hard-to-abate sectors, expanded coverage of AuM under target, and saw total absolute financed greenhouse gas (GHG) emissions fall 3.5% to 213.4 million tons of carbon dioxide equivalent (tCO2e) in 2022, from 221.2 mtCO2e in 2021 (Figure 1). This reduction comes despite membership growing in this period. Other potential drivers of the change, such as real-world emissions reductions, allocation changes, and divestment, are discussed in the report and on the FAQ page.
Günther Thallinger, Board Member, Allianz SE and Chair, UN-Convened Net-Zero Asset Owner Alliance, said:
“Alliance members are making solid progress towards achieving their 2025 emissions targets, showing that, step-by-step, the crucial long-term transition to achieve 1.5°C can be implemented. Our work is supporting governments to implement their net-zero programmes by accelerating the reform of existing financial and investment policy frameworks.”
“As we head towards at least 2.4°C warming with current climate pledges, we are at a pivotal moment to strengthen efforts for system-wide transformation. Alliance members act by implementing their intermediate targets. We call on others to do the same.”
GFANZ
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