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Submission: On September 07 via manual from US — Scanned from GB
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Cookie Control Close Icon THIS SITE USES COOKIES Some of these cookies are essential, while others help us to improve your experience by providing insights into how the site is being used. Our privacy policy Privacy Policy(Opens in a new window)External Link Icon I Accept Cookies -------------------------------------------------------------------------------- NECESSARY COOKIES Necessary cookies enable core functionality. The website cannot function properly without these cookies, and can only be disabled by changing your browser preferences. -------------------------------------------------------------------------------- ANALYTICAL COOKIES Analytical cookies help us improve our website by optimising our user experience and creating content that users want to read. Analytical CookiesOnOff -------------------------------------------------------------------------------- ADVERTISING COOKIES Advertising cookies help to provide adverts that are more relevant to your interests. Advertising CookiesOnOff -------------------------------------------------------------------------------- About this tool(Opens in a new window)External Link Icon Cookie Control Skip to content edie | empowering sustainable business * Sustainability * Net-Zero * Business leadership * * Login * Logout * My edie Menu -------------------------------------------------------------------------------- * News * Topics * Circular economy * Climate & nature * Energy * Finance * Policy * Social sustainability * Tech & innovation * Transport * Mission Possible * Our Ambition * Campaign Updates * Sector insights * The Pledge Wall * Plastics Hub * Green Recovery * Podcasts * Resources * Reports & Guides * edie Explains * Case studies * Jargon Buster * Partners * Partner Content * Events * Webinars and Masterclasses * Circular Economy Workshops * Sustainable Development Goals Week 2022 * Sustainability Leaders Forum 2023 * edie Awards 2023 * Climate Finance Week 2022 * Engagement Week 2022 * Circular Economy Week 2022 * Leaders Forum 2022 (on-demand) * Clubs * Sustainability Leaders Club * Net-Zero Leaders Club * 30 Under 30 * More * Blogs * About Us * Advertise * Contact * * * * * * Sustainability * Net-Zero * Business leadership * * Login * Logout * My edie edie | empowering sustainable business Menu * News * Topics * Circular economy * Climate & nature * Energy * Finance * Policy * Social sustainability * Tech & innovation * Transport * Mission Possible * Our Ambition * Campaign Updates * Sector insights * The Pledge Wall * Plastics Hub * Green Recovery * Podcasts * Resources * Reports & Guides * edie Explains * Case studies * Jargon Buster * Partners * Partner Content * Events * Webinars and Masterclasses * Circular Economy Workshops * Sustainable Development Goals Week 2022 * Sustainability Leaders Forum 2023 * edie Awards 2023 * Climate Finance Week 2022 * Engagement Week 2022 * Circular Economy Week 2022 * Leaders Forum 2022 (on-demand) * Clubs * Sustainability Leaders Club * Net-Zero Leaders Club * 30 Under 30 * More * Blogs * About Us * Advertise * Contact * Login * Logout * My edie -------------------------------------------------------------------------------- 01342 332000 * * * * DOZENS OF BIG-NAME INVESTORS INCLUDING BLACKROCK JOIN NET ZERO ASSET MANAGERS INITIATIVE The Net Zero Asset Managers Initiative now covers more than one-third of assets under management globally, after 43 big names, including BlackRock and the Vanguard Group, signed up. * Climate & nature * Energy * Social sustainability Edie Newsroom Published 29th March 2021 Save * * * Share * Share Dozens of big-name investors including BlackRock join Net Zero Asset Managers Initiative from edie on Facebook * Share Dozens of big-name investors including BlackRock join Net Zero Asset Managers Initiative from edie on Twitter * Share Dozens of big-name investors including BlackRock join Net Zero Asset Managers Initiative from edie on LinkedIn * Share Dozens of big-name investors including BlackRock join Net Zero Asset Managers Initiative from edie via Email -------------------------------------------------------------------------------- CONTINUE READING Login or register for unlimited FREE access. Login Register 36% of assets under management globally are now covered by the scheme The initiative, which commits members to reaching net-zero financed emissions by 2050 or sooner, announced this weekend that now it has more than 70 members, collectively representing $32trn of assets under management. New members include Aviva Investors, Allianz Global Investors, BlackRock, Macquarie Asset Management, Standard Life Aberdeen and the Vanguard Group. Beyond the headline net-zero financed emissions target, the initiative requires members to set interim targets for 2030 or sooner, in line with climate science. Targets should be met using direct emissions reductions rather than offsetting where possible. Members should also disclose climate risks in line with the Task Force for Climate-related Financial Disclosures (TCFD) recommendations and develop credible plans for minimising risks in the long-term. Many of the new members have their own net-zero targets and strategies, including Aviva, which announced a 2040 target for financing activities and the supply chain this month. For these firms, the benefit will be ensuring a standard level of ambition and delivery pathway across the wider sector. Other members are yet to develop net-zero targets and strategies and hope to use the best-practice advice of other initiative members during the development process. “Helping investors prepare their portfolios and capture investment opportunities on the path to net-zero is one of our greatest responsibilities,” BlackRock chief executive and chairman Larry Fink said. “BlackRock is proud to put its name behind this initiative, and I am encouraged to see the increasing momentum towards net zero across the public and private sectors.” The elephant in the room – fossil fuel finance The announcement from the Net Zero Asset Managers Initiative comes just days after it was revealed that big-name banks and investors provided $750bn of financing for fossil fuel firms in 2020. This figure was down 9% year-on-year but ultimately up 6% on 2016 levels. The figure was the headline of Rainforest Action Network’s annual ‘Banking on Climate Chaos’ report. According to the report, US firms continued to invest more heavily in the sector than their European counterparts – and to attach lighter environmental conditions to packages. JP Morgan Chase is named as the world’s biggest fossil fuel backer in 2020 alone, and in the 2016-2020 period. Other laggards include Wells Fargo, Bank of America, Citi, HSBC, Bank of China and Barclays. Barclays remains Europe’s largest fossil bank and the seventh-largest globally. But the biggest year-on-year increase in fossil finance in 2020 was 41%, attributed to BNP Paribas, which upped support for offshore oil and gas and tar sands. Rainforest Action Network is urging banks to go beyond headline net-zero commitments and to take action to change their portfolios. Inaction, it warns, will not only increase physical climate risks, but leave banks behind the regulatory curve as net-zero commitments become increasingly widespread. It will also leave banks exposed to Covid-19, which has caused oil and gas demand to fall. Without interim targets and commitments to stricter exclusions policies, the report warns, banks’ “ever-multiplying” net-zero targets become “hollow”. “Many of the world’s largest banks, including all six major US banks, have made splashy commitments in recent months to zero-out the climate impact of their financing over the next 30 years,” report contributor and Sierra Club financial advocacy campaign manager Ben Cushing said. “But what matters most is what they are doing now, and the numbers don’t lie. This report separates words from actions, and the picture it paints is alarming: Major banks around the world, led by US banks in particular, are fuelling climate chaos by dumping trillions of dollars into the fossil fuels that are causing the crisis.” Sarah George -------------------------------------------------------------------------------- TOPICS * Climate & nature * Energy * Social sustainability TAGS * banks * investors * low-carbon * net-zero * tcfd Save * * * Share * Share Dozens of big-name investors including BlackRock join Net Zero Asset Managers Initiative from edie on Facebook * Share Dozens of big-name investors including BlackRock join Net Zero Asset Managers Initiative from edie on Twitter * Share Dozens of big-name investors including BlackRock join Net Zero Asset Managers Initiative from edie on LinkedIn * Share Dozens of big-name investors including BlackRock join Net Zero Asset Managers Initiative from edie via Email Words Edie Newsroom Published 29th March 2021 © Faversham House Ltd 2022 edie news articles may be copied or forwarded for individual use only. No other reproduction or distribution is permitted without prior written consent. Please login or Register to leave a comment. 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ECOACT WEBINAR IN PARTNERSHIP WITH CDP & SBTI * Climate & nature WHAT NEXT FOR NET-ZERO? ECOACT WEBINAR IN PARTNERSHIP WITH CDP & SBTI * Climate & nature Action inspires action. Stay ahead of the curve with sustainability and energy newsletters from edie Subscribe -------------------------------------------------------------------------------- EMPOWERING SUSTAINABLE BUSINESS edie | empowering sustainable business * Sitemap * * * * CONTACT US Windsor Court Wood St East Grinstead RH19 1UZ 01342 332000 GENERAL LINKS * Cookie Policy * Environmental Policy * Privacy Policy * Editorial Complaints * Feedback © 2022 edie Search SUBSCRIBE Subscribe to our newsletter. Name(Required) First Last Email(Required) Notifications