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Net-Zero Asset Owner Alliance

Allianz is proud to have helped set up the Net-Zero Asset Owner Alliance (NZAOA), which was launched at the United Nations Climate Change Summit in September 2019. 

The Alliance is committed to tackling global warming and reducing the carbon emissions of their investment portfolios to net-zero by 2050. By doing this, they aim to help limit global warming to 1.5°C compared to pre-industrial times.

The group consists of the world’s largest pension funds and insurers who are responsible for directing more than 2.4 trillion US dollars in investments. They are also joined by the Finance Initiative of United Nations Environment (UNEP FI), the Principles for Responsible Investment (PRI), WWF as well as the Mission 2020 campaign.

Allianz has already committed to fulfil the Paris Agreement in our investment portfolios but we feel the Alliance will start to engage with the companies in which we’re investing to ensure they decarbonise their business models and affect real change.

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"Mitigating climate change is the challenge of our lifetime. Politics, business and societies across the globe need to act as one to rapidly reduce climate emissions. We, as asset owners, will live up to our responsibility and, in dialogue with the companies in which we invest, steer towards low-carbon business practices. We’ve already started and, by 2050, our portfolios will be climate neutral"

                - Oliver Bäte, Allianz’s CEO

What do the Alliance want to achieve by 2050?

Allianz, and the other Alliance members, want to achieve carbon-neutral investment portfolios by 2050.

The Alliance chose the year 2050 as the long-term target because it represents the current scientific consensus on when net-zero emissions need to be reached to limit global warming to 1.5°C compared to preindustrial times. 

By joining, members are also committed to tracking and communicating on progress, participating pro-actively in interactions of the Alliance and supporting the Alliance in various ways. 

What has the Alliance done so far?

Increased their members from 12 to 86 as of December 2023. 

 The Alliance has set intermediate targets, which include CO2 reduction ranges for 2025 (22 – 32%) and for 2030 (40% – 60%).

So far, 77 members published targets in line with the Alliance Commitment.

While the memberships continue to grow, the emissions decrease with absolute financed GHG emissions decreasing to a total of 213.4 million CO2 in 2022, suggesting that the target setting is starting to give results. 

What targets did Allianz submit? 

Allianz has submitted these intermediary targets:

Sub-portfolio Target: Reduce absolute financed emissions of listed equity and corporate bond portfolios by 25% and of infrastructure by 28% by 2025 (base year: 2019). Phase in net-zero targets for funds and private debt by 2025.

Sector Targets: Phase out investment in coal in line with 1.5°C degree pathways and by 2025 engage with companies representing 50% of financial assets in investment funds with a request for them to set net-zero by 2050 targets for Scope 1+2 emissions.

Engagement Target: Focus on the 30 highest portfolio emitters (that are not aligned with net zero) by 2025. Increase overall engagement activities by at least 100% and participate in all NZAOA-led sector and asset manager engagements

 

Read the latest report below: NZAOA-Third-Progress-Report.pdf

More information

The Net-Zero Asset Owner Alliance Brochure 1 MB
The Net-Zero Asset Owner Alliance: Commitment Document 595 KB

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