"Group with total portfolio of $5tn seek cuts of 29% from companies they invest in"

"Thirty of the world’s largest asset owners, with portfolios worth a combined $5tn (£3.8tn), have committed to cutting the carbon emissions linked to companies they invest in by up to 29% within the next four years.

Members of the UN-backed Net-Zero Asset Owner Alliance – which includes Aviva, the Church of England and the $400bn US fund CalPERS – will each set decarbonisation targets for 2025 as part of wider efforts to align their portfolios with the Paris climate goals and achieve net-zero emissions by 2050.

Members will slash emissions linked to their portfolio companies by between 16% and 29%, compared with 2019 levels. They will also identify the top 20 emitters responsible for the bulk of their portfolio emissions and set goals for slashing emissions in key sectors including oil and gas, utilities, transport and steel."

Kalyeena Makortoff reports for the Guardian October 13, 2020. [2]