A global alternative investment manager has joined the funds management industry fight to reach zero emissions.
In a statement, Man Group said it had joined the Net Zero Asset Managers initiative to reduce greenhouse gas emissions to net zero in investment portfolios by 2050.
The industry-led effort to help keep global warming to 1.5 degrees Celsius has already seen a number of high-profile managers sign up including HSBC Asset Management and MFS Investment Management.
Man Group said in line with the objectives of the initiative, it pledged to work with asset owner clients to reach net-zero emissions by 2050 or sooner across all assets under management, set an interim target for the proportion of assets to be managed in line with attaining net-zero emissions by 2050 or sooner, and review that target at least every five years.
“Climate change is an urgent challenge. It represents an existential risk not only for how we will manage our clients’ money, but also for how we will move forward as a society,” Man Group chief executive Luke Ellis said.
“In that light, asset managers can and must act as powerful drivers for much-needed climate action. The gravity of this is reflected in how we as a firm evaluate climate risk, engage with companies and continue to decarbonise our portfolios.
“We join the Net Zero Asset Managers initiative in order to build on our existing progress, raise our own standards of accountability for portfolio-born emissions and send an unequivocal message that we recognise the importance of managing climate risk for our clients, employees, stakeholders and the environment.”
The initiative now has over $43 trillion committed from asset managers internationally.
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