A coalition of pension funds and insurance companies that includes Allianz SE, the California Public Employees’ Retirement System and Zurich Insurance Group AG have committed to managing $7.1 trillion of assets in line with the Paris Agreement’s goal of limiting warming to 1.5 degrees Celsius.
The United Nations-convened Net Zero Asset Owner Alliance said in a statement Tuesday that 44 of its 74 members are setting 2025 targets that support the Paris climate objective, up from 29 firms last year. Alliance members, which also include Aviva Plc, AXA SA and Swiss Re AG, together oversee $10.6 trillion of assets. They must adopt five-year targets within 12 months of joining and are expected to achieve net-zero emissions by 2050 across their entire portfolios.
