Alliance Members’ 2025 and 2030 Targets

Since the launch of the Alliance, 69 Alliance members have filled and submitted detailed reporting templates of their targets to the Secretariat—as seen in the Third Progress Report.

As of February 2024, 80 members have published targets in line with the Alliance Commitment – as seen in the table below. Please note that some members have voluntarily supplied detailed target templates ahead of their publication due date, accounting for the difference in the two numbers.

NB: Climate targets due by 2025 should be achieved by end of 2024 at the latest, while 2030 targets should be achieved by the end of 2029.

Aegon Ltd.

Sub-portfolio Target: Reduce the intensity of its corporate fixed income and listed equity portfolio emissions by 25% by 2025 (base year: 2019).

Engagement Target: Undertake engagement with 20 highest carbon emitters in Aegon’s portfolio by 2025.

Climate Solutions Investment Target: Put USD 2.5 billion towards investments in climate mitigation or adaptation activities
by 2025.

  Nippon Life

Sub-portfolio Target: Reduce carbon intensity for listed equities, corporate bonds, and real estate by 49% by 2030 (base year: 2020) and total emissions by 45% (base year: 2010).

Engagement Target: Focus on 70 highest-emitting companies in the portfolio and open dialogues on climate change by 2023.

Climate Solutions Investment Target: Between 2021 and 2023, invest JPY 500 billion in climate solutions in transition, innovation and renewable energy. 

Aéma Groupe

Sub-portfolio Target: Lower the carbon footprint (scope 1, 2, and 3) of corporate bond and listed equity portfolios by 50%, and no less than 40%, by 2030. Decarbonise directly-held real estate based on CRREM 1.5°C national pathways by 2030.

Engagement Target: Open dialogues with at least the 20 largest GHG emitters in the insurer credit bond portfolio by the end of 2023.

  NORDEA Sub-portfolio Emission Target: Reduce the portfolio carbon intensity by at least 25 per cent by 2025.
African Rick Capacity Ltd

Sub-portfolio Target:  Reduce the CO2 emission intensity in the publicly traded debt portfolio by 2030 (base year: 2021).

Engagement Target: Approach 12 different investee companies and asset managers with the goal of reducing their own and financed GHG emissions. The engagements will take place between 2021 and 2025. 

Climate Solutions Investment Target: Increase climate solution related investments by 10% between 2021 to 2025. 

  Novartis Pension Fund Switzerland

Sub-portfolio Target: Reduce greenhouse gas emissions of equity, corporate bond, and real estate investments by 50% by 2030 (base year: 2019).

Engagement Target: Institute a climate voting policy for directly managed equities and encourage external equity managers to adopt similar voting policies. Contribute to effective engagement with the world’s heaviest emitters through a support membership of Climate Action 100+.

Climate Solutions Investment Target: Raise the equity allocated to climate solution revenues above the global equity market benchmark (MSCI World). Reach 15% of green bonds within the bond portfolio and allocate 15% of infrastructure investments to renewable energy production and distribution.

Ageas

Sub-portfolio Target: Reduce GHG intensity in the equities, corporate bonds and infrastructure portfolios (held by European consolidated entities) by 50% by 2030 (base year: 2021). Decarbonise real estate investments based on CRREM 1.5°C national pathways by 2030.

Engagement Target: Through asset managers and/or collective engagement initiatives, focus on the portfolio’s 20 highest GHG detractors and encourage them to take action to meet the European Commission’s net-zero ambition.

Climate Solutions Investment Target: Invest EUR 10 billion towards making a positive social and environmental impact by 2024 and dedicate at least EUR 5 billion towards climate related investments. 

  Old Mutual

Engagement Target: Open dialogue, through appointed asset managers, with the investees jointly responsible for 80% of GHG emissions in the listed equity and listed fixed-income portfolios within South African propriety investment holdings.

Climate Solutions Investment Target: Continue to invest in low-carbon and climate solutions-based initiatives.

AkademikerPension Sub-portfolio Target: Reduce GHG portfolio emissions by 26.8% by 2025.   P+

Sub-portfolio Target: Reduce carbon footprint of the investment portfolio by 30% by 2025 (base year: 2019).

Engagement target: Pursue active ownership with the 20 largest CO2-emitting companies in our portfolio.

Climate Solutions Investment Target: 15 pct. of our total assets must be invested climate-friendly by 2030.

Alecta

Sub-portfolio Target: Reduce scope 1 and 2 emission intensity in listed equity and corporate bonds by 25%, and in directly owned real estate by 50% by 2025.

Engagement Target: Open climate-related dialogues with 20 companies.

Climate Solutions Investment Target: Practice transparency regarding green investments. Participate in 4 round tables and initiate dialogue with 2 Development Finance Institutions (DFIs).

  Pensioenfonds Detailhandel

Sub-portfolio Target: Reduce CO2 emissions in the publicly-listed portfolios by 60% by 2030. 

Engagement Targets: Introduce a new approach to active share ownership, focusing on the biggest portfolio emitters and setting clear targets and deadlines for those companies. In case of unsuccessful engagement, a divestment strategy is devised.

Climate Solutions Investment Target: Expand the sustainable investments in the listed asset classes (excluding government bonds) by 20% by 2030.  In parallel, increase the portion of sustainable government bonds to 10%.

Allianz

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). Align directly-owned real estate portfolio with 1.5 degree pathways of CRREM. 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 AuM 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.

Climate Solutions Investment Target: Contribute to a minimum of 4 blended finance vehicles and begin investing in forestry, hydrogen, and other climate-positive solutions.

Pension Insurance Corporation

Portfolio Targets: Reduce carbon intensity for listed corporate credit by 25% by 2025 (base year: 2019).

Engagement Target: Focus on the 20 highest emitters and request asset managers to directly engage on climate change and report on their progress.

Climate Solution Investment Target: reporting on progress on climate-positive investments, focusing on renewable energy and green buildings.

AMF

Sub-portfolio Target: Introduced a carbon budget that will decrease by 25% by 2025 (base year: 2019).

Engagement Target: Work towards a structured advocacy policy for the 20 companies with the highest carbon emissions in the portfolio. The aim is for all portfolio companies to implement a carbon budget aligned with the Paris
Agreement goals.

PensionDanmark

Sub-portfolio Target: Reduce the climate footprint of listed equities and corporate bonds portfolios by 45% by 2025.

Sector Targets: Reduce the scope 1, 2 and 3 emissions within four main sectors: Oil and Gas by 20%, Utilities by 35%, Cement by 10 % and Shipping by 15%, all by 2025.

Engagement Targets: Undertake 20 engagements before 2025; engaging in a minimum of 5 climate change policies and practices with Asset Managers, and contributing to a minimum of 5 papers published by the Alliance.

Climate Solutions Investment Target: Own 1,300 MW of green power capacity (an increase of 200 MW) by 2025. Participate in minimum three roundtables with DFIs to enhance blended finance mechanisms for investing in climate solutions in the Least Developed Countries.

Aviva

Sub-portfolio Target: Cut the portfolio carbon intensity by 25% by 2025, and by 60% by 2030. Reach net zero in operations by 2030.

Engagement Target: Focus on the 30 systemically important carbon emitters in O&G, metals and mining, and utilities sectors. Ask investees to deliver Net Zero Scope 3 emissions and establish robust transition roadmaps. If no serious engagement with the companies is achieved, divest all held assets.

Climate Solutions Investment Target: Target: Invest £6bn in green assets, including £1.5bn of policyholder money into climate transition funds by 2025.

PFA

Sub-portfolio Target: Reduce the portfolio carbon footprint by 29% by 2025.

Engagement Target: Conduct single and collaborative engagements around net-zero, climate change policies and practices with 30 companies and one asset manager by 2025.

Axa Sub-portfolio Target: Reduce the carbon footprint of AXA’s General Account assets by 20% by 2025. PKA

Sub-portfolio Target: Reduce scope 1 and 2 carbon intensity of listed equities, corporate bonds and real estates portfolios by 29% by 2025.

Engagement Target: Actively take part in Climate Action 100+. By the end of 2023, PKA will evaluate all the companies included in the initiative and consider divesting from those without a Paris-aligned strategy.

Climate Solutions Investment Target: Ensure 15% of AUM is in green investments by 2025 and 20% by 2030.

Bayerische Versorgungskammer

Sub-portfolio Target: Reducing portfolio emissions in listed equity, corporate bonds and real estate by 22% by 2025 (base year: 2021).

Engagement Target: Drive constructive dialogue directly, collaboratively with other investors, and through service provider Columbian Threadneedle with the largest CO2 emitters in the portfolio.

Climate Solutions Investment Target: Increase its investments in accordance with the EU taxonomy and make a contribution to “financing the transition to a climate-neutral world”.

Phoenix Group

Sub-portfolio Target: Reduce the carbon intensity of listed equity and credit assets by 25% by 2025.

Engagement Target: Engage with top emitting companies representing the largest holdings across sectors to support their transition to a low carbon economy.

Climate Solutions Investment Target: Invest at least £10 billion into sustainable assets over five years (starting in 2022 (subject to market conditions).

BNP Paribas Cardif

Sub-portfolio Target: Reduce the carbon footprint of directly held equity and bond portfolios by at least 23% by end of 2024 and of directly owned office properties by at least 12% by end of 2029 (base year: 2020).

Engagement Target: Conduct dialogue with companies and asset managers encouraging them to embed Environmental, Social and Governance criteria into their business strategies.

Sector Target: Reduce the emission intensity of electricity producers in the equity and bond portfolios to under 125 gCO2/kWh by the end of 2024. 

Climate Solutions Investment Target: Allocate at least 800 million euros annually to investments with a positive environmental impact, such as investments in the energy transition, energy efficiency, waste recycling and biodiversity preservation.

Provinzial

Sub-portfolio Target: Reduce financed greenhouse gas emissions (Scope 1 + 2) in the equities and corporate bonds portfolios by 15% by 2025 (base year: 2021). Provinzial has no investments in high-emitting infrastructure.  

Sector Target: Individual emissions reduction targets are set for the most carbon-intensive parts of the portfolio. Provinzial has an internal policy aligned with a complete phase-out of coal investments. Additional sector targets for emission intense-industries, based on the One Earth Climate Model, will be defined in the coming years. 

Engagement Target:  Achieve the highest possible coverage of voting and engagement activities of the companies (at least 20) that make a significant contribution to the financed emissions. Undertake a structured approach for the selection, appointment and monitoring of asset managers. Engage with asset managers on the topic of CO2 disclosures. Promote Climate Action 100+ by joining as a supporter.  

Financing Transition Target: Further increase the share of climate-positive investments, without sacrificing risk/return considerations. 

BT Pension Scheme

Sub-portfolio Target: Reduce scope 1 and 2 carbon intensity of its equity and credit portfolio by at least 25% and real estate by at least 33% by 2025.

Engagement Target: actively engaging with the highest emitting companies in the portfolio and with fund managers, to ensure mandate objectives are aligned with the Scheme’s decarbonisation goals.

Climate Solutions Investment Target: Investing in assets that will support the transition towards a low carbon economy.

Prudential plc

Sub portfolio targets: Reduce the carbon intensity of the corporate bonds and listed equities portfolio by 25% by 2025 (base year: 2019).

Engagement target: Engaging with the companies responsible for 65 percent of the portfolio emissions.

Caisse des Dépôts

Sub-portfolio Target: cut carbon intensity by an additional 20% by 2025 for listed equity and corporate bond investments and by another 15% for real estate. CDC has already significantly reduced GHG portfolio emissions in the 2014-2020 period: by 47% in equity, 69% in debt and 25% in real estate.

Engagement Target: Promote commitment to carbon neutrality among 120 companies by 2025.

QBE Insurance Group Limited

Sub-portfolio Target: Reduce carbon intensity emissions of scope 1 and 2 emissions in the equity portfolio by 25% by 2025.

Engagement Target: Engage with 20 highest emitters in the investment grade corporate credit portfolio and with all external managers.

Climate Solutions Investment Target: Increase investment in assets that finance the transition to a net-zero economy to 5% of AUM by 2025 (from 3% in 2021).

CalPERS

Engagement Target: engaging at least 20 companies on climate change, on top of maintaining a leadership role with Climate Action 100+.

Sector Target: carbon intensity targets for 2025 and 2030 for Energy, Transport and Industrials, and Materials sectors.

Climate Solutions Investment Target: continue to identify and allocate capital to climate solutions and low-carbon investments.

Rothesay

Sub-portfolio Target: Reduce carbon intensity emissions of scope 1 and 2 emissions of publicly traded corporate debt by 20% by 2025 (base year: 2020).

Climate Solutions Investment Target: Partner with governments and industry to identify ways to support a low carbon economy.

CDPQ

Sub-portfolio Target: Reduce portfolio carbon intensity by 60% by 2030.

Climate Solutions Investment Target: Hold $54 billion in green assets by 2025 and create a $10-billion transition envelope.

SCOR Sub-portfolio Emission Target: reduce the carbon intensity of the corporate bonds and listed equities portfolio by 27% by 2025 (base year: 2019).
CNP

Sub-portfolio Target: Reduce the carbon footprint of its directly held equity and corporate bond portfolio by a further 25% by 2025, and by 10% for its directly held real estate portfolio (base year: 2019).

Sector Target: Reduce by a further 17% the carbon intensity (scopes 1 and 2) of electricity producers in which CNP Assurances is a direct shareholder or bondholder by 2025.

Engagement Target: Encourage 8 companies (6 directly and 2 via the Climate Action 100+ collaborative initiative) and 2 asset managers to adopt a strategy aligned with a 1.5°C scenario by 2025.

Société Générale Assurances

Sub-portfolio Target: Reduce the carbon footprint of its equity and corporate bond portfolios by 30% by 2025 (base year: 2018).

Climate Solutions Investment Target: Double the part of green investments between 2020 and 2025, in order to reach to 5.6 billion euros.

Crédit Agricole Assurances

Sub-portfolio Target: Reduce the carbon footprint of listed equity and corporate bond investment portfolio by 25% by 2025.

Engagement Target: Focus on establishing a climate dialogue with at least 20 biggest portfolio emitters.

Climate Solutions Investment Target: Increase investment in renewables, to contribute to adding 14GW in production capacity.

SOMPO Holdings, Inc. Sub-portfolio Target: Reduce total GHG emissions of listed equities and bonds by 25% by 2025 (base year: 2019).
Dai-Ichi Life Group

Sub-portfolio Emission Target: Reducing GHG emissions by 25% in listed equities, corporate bonds, and real estate by 2025.

Climate Solutions Investment Target: Cumulative ESG thematic investment amount will be at least doubled by FY2023.

Sparkassen-Versicherung Sachsen

Sub-portfolio Target: Reduce carbon intensity in listed equity and corporate bond investment portfolios by 22% by 2025 (base year: 2021). A target for both directly-held real estate as well as real estate funds will also be defined.

Engagement Target: Actively influence the strategic sustainability decisions of investee companies within a framework of active ownership.

Climate Solutions Investment Target: Grow infrastructure investments, including the expansion of production and the promotion of renewable energies, and the development of the transport and digital infrastructure sectors.

Danica Pension Sector Targets: Reduce scope 1, 2, and 3 emissions in energy, supply, transport, steel and cement sectors by between 15% and 35% by 2025 (base year: 2019). St. James’s Place

Sub-portfolio Target: Lower the footprint of investments by 25% by 2025.

Engagement Target: Engage with the top 20 highest carbon-emitting companies in the investment portfolio and encourage them to lower their emissions. Set higher engagement expectations for managers of highest carbon-emitting funds and implement a net zero scorecard for all fund managers to report against.

Climate Solutions Investment Target: Look to invest more in climate solutions.

ERAFP

Sub-portfolio Emission Target: Reducing carbon intensity (in tonnes of CO2 equivalent per thousand euros invested) by 25% between 2019 and 2024 for scopes 1 and 2 of listed equity and corporate bond portfolios. Aligning non-residential real estate portfolio with a 1.5°C target scenario.

Engagement target: Engaging with around 30 companies with the highest GHG emissions.

Stichting pensioenfonds IBM Nederland

Sub-portfolio Target: Reduce carbon intensity of listed equities and corporate bonds (scope 1 and 2) by 30% by 2025 (base year: 2019). For Dutch Mortgages, agreements are made with asset managers on their contribution to reach the reduction targets for residences, as set in the Paris agreement.

Engagement Target: Focus on the 20 highest emitters within the listed equities and corporate bonds portfolio, with the aim to make sure that these companies make credible and verifiable plans to reach net zero emissions by or before 2050.

Financing Transition Target: Invest between €100 million and €150 million in activities that contribute directly to climate solutions by 2025.

Folksam

Sub-portfolio Target: Reduce GHG emissions across the equities, corporate bonds and real estate portfolios by 29% by 2025.

Engagement Target: ensure that at least 50% of the 86 largest emitters in Folksam’s portfolio will have developed science-based climate targets by 2025.

Stichting Pensioenfonds Medisch Specialisten (SPMS)

Sub-portfolio Target: Reduce CO2 emissions in the investment portfolio by 16% by 2025 (base year: 2019). Equity investments in North America and Asia now follow the EU Climate Transition Benchmark (CTB).

Climate Solutions Investment Target: Grow the share of impact investments in the portfolio from the current 4% to 10% by 2025. The impact investments will comprise green bonds and sustainable infrastructure projects.

FRR Sub-portfolio Target: Reduce the absolute portfolio carbon emissions by 20% by 2025. Storebrand

Sub-portfolio Target: Reduce emissions in the total equity, corporate bond and real estate investments by 32% by 2025 (base year: 2018).

Engagement target: Placing special emphasis on the 20 largest emitters.

Climate Solutions Investment Target: investing 15% of total AUM in climate solution companies by 2025.

Generali Group Sub-portfolio Target: Reduce portfolio carbon intensity by 25% by 2025.   Sumimoto Life Insurance Company

Sub-portfolio Target: Reduce GHG emissions intensity of listed stocks, corporate bonds and loans, real estate, and infrastructure investments by 50% by 2030 (base year: 2019).

Engagement target: Hold dialogues with investee companies (including high-emitting companies) in line with Japanese government’s GHG reduction efforts of -50% by 2030 with 2013 as base year.

Climate Solutions Investment Target: Allocate 700 billion yen in ESG-thematic investments by 2025, including 400 billion yen for climate solutions.

Gothaer Insurance Group

Sub-portfolio Target: Reduce financed greenhouse gas emissions (scope 1 and 2) for equities and corporate bonds by 25% and for real estate by 20% by 2025 (base year: 2021).

Engagement Target: Commence dialogue with at least 20 portfolio companies on climate change.

Sector Target: Support the complete phase-out of coal-based energy industry by 2030 in the European Union and OECD countries and by 2040 in all other countries.

Climate Solutions Investment Target: Devote 200 million euros annually to impact/thematic investments.

  SV SparkassenVersicherung

Sub-portfolio Target: Reduce carbon intensity in listed equity and corporate bond investment portfolios by 20 per cent by 2025 (base year: 2019).

Sector Target: A long-term full exit strategy from coal and oil sands investments (by 2030 in developed countries and by 2040 worldwide) was established. Exclusions aligned with the strategy have been implemented.

Engagement Target: Capitalise on strategic partnerships in sustainability and corporate governance with Deka Investment GmbH to engage with the largest portfolio emitters. SV supports Climate Action 100+.

Groupama

Sub-portfolio Target: Achieve a 50% reduction in the carbon intensity of corporate equity and bond portfolios by 2030 (base year: 2021).

Engagement Target: Approach the largest portfolio emitters (responsible for 65% of carbon emissions in Groupama’s private bond and equity portfolio) through Groupama Asset Management on three main topics: sustainability risks, ecological and energy transition, and pay gaps.

Climate Solutions Investment Target: Allocate €1.2 billion towards sustainable assets (particularly infrastructure, property, and green bonds) between 2022 and 2024.

  Swiss Re

Sub-portfolio Target: Reduce carbon intensity of the corporate bond and listed equity portfolio by 35% by 2025 (base year: 2018).

Climate Solutions Investment Target: Increase investments in renewable and social infrastructure by USD 750 million. Expand green, social and sustainability bond exposure to USD 4 billion by 2025 (from USD 2.6 billion in 2020).

Group Versicherungskammer

Sub-portfolio Target: Reduce the carbon footprint of the listed equity, corporate bonds and infrastructure portfolios by 11% by 2025 (base year: 2022). This goal is also applied to the directly-held real estate portfolio to align with 1.5ºC pathways.

Engagement Target: Aim for the transformation of investee companies towards net zero emissions through asset manager engagement, structured engagement with the 20 most carbon-intensive companies in the portfolio, and climate-related voting.

Climate Solutions Investment Target: Continue focusing on investments that contribute to climate change mitigation.

  The Church Commissioners for England Sub-portfolio Emission Target: reduce the carbon intensity of the public equities and real estate investment portfolio by 25% by 2025.
HUK-COBURG

Sub-portfolio Target: Reduce the CO2 emissions of the listed equities and corporate bonds investment portfolio by 22% by 2025 (base year: 2019). Coverage of investments in infrastructure and real estate will be added gradually.

Engagement Target: Seek out dialogue with (at least) the 20 companies which are the largest contributors to portfolio emissions.

Climate Solution Investment Target: Increase the share of investments in targeted climate-positive assets.

  The Co-operators Group

Sub-portfolio Target: Reduce emissions of public equities and publicly-traded corporate bond portfolios by 20% by 2026.

Climate Solutions Investment Target: Invest 60% of total assets in either impact investments or investments that support the transition to a sustainable, resilient, low-emissions society by 2030.

Industriens Pension

Sub-portfolio Target: Reduce the climate footprint for listed equities, corporate bonds and directly owned properties by 29% by 2025 (base year: 2019).

Engagement Targets: Firstly, intensify the engagement with the 20 largest emitters in the portfolio about their transition plans as well as their ongoing progress on decarbonisation. Secondly, conduct engagement dialogue with external managers on their alignment with the targets of the Paris agreement.

Climate Solutions Investment Target: Maintain the focus on investments in climate solutions that help support the transition to a sustainable society. This includes direct investments in renewable energy such as wind turbines, solar cells and biogas.

  The David Rockefeller Fund

Sub-portfolio Target: reducing carbon emissions in the investment portfolio across selected asset classes by 25% by 2025.

Engagement Target: implement a policy of engagement with the top corporate emitters as well as with the largest asset manager relationships.

Climate Solutions Investment Target: Increase investments in technologies that will be required for a net-zero future.

Intesa Sanpaolo Vita Group

Sub-Portfolio Target: Reduce the carbon intensity of listed equity and publicly-traded corporate bonds portfolios by 50% by 2030 (base year: 2021).

Engagement Target: Engage bilaterally with the 20 highest portfolio emitters (which constitute around 70% of the Group’s financed emissions). Contribute to NZAOA position papers on engagement-related topics.

Climate Solutions Investment Target: Report on climate solution investments and contribute to Financing the Transition working groups.

  The Russell Family Foundation

Sub-Portfolio Target: Lower emissions intensity in the listed equity and corporate bond portfolios by 30% by 2025 (base year: 2022).

Engagement Target: Engage with the top 20 listed equity holdings by 2025. Vote proxies and co-file resolutions aligned with net zero goals.

Climate Solutions Investment Target: Transition an additional 15% of assets towards decarbonisation technologies and nature-based strategies.

Just Group

Sub-portfolio Target: Reduce the emissions intensity (scope 1, 2 & 3) of the publicly traded corporate debt and infrastructure debt by 50% by 2030 (base year: 2019). 

Engagement Target: Conduct 20 climate-related engagements, focusing on the highest emitters in the Group’s investment portfolio (directly or via external initiatives/asset managers) by year-end 2025.  

Climate Solutions Investment Target: Invest £500 million between 2024 and 2025 in either green/sustainability bonds (aligned with the International Capital Markets Association’s guidance) or assets aligned with the Group’s Sustainability Bond Framework. 

  UN Joint Staff Pension Fund (UNJSPF) Sub-portfolio Target: Reduce the absolute greenhouse gas footprint of its equities and corporate bonds’ portfolios by 29% in 2021 and by 40% by 2025.
KENFO Sub-portfolio Emission Target: Reduce portfolio emission intensity by at least 20% in listed equity and corporate bonds by 2025 (base year: 2019).   Unipol Gruppo S.p.A

Sub-portfolio Target: Reduce  carbon intensity (Scope 1 and 2) of directly managed listed equities and publicly traded corporate bond portfolios by 50% by 2030 (base year: 2022). The covered assets amount to EUR 16.5 billion (as of September 2022.

Engagement Target: Carry out engagement activities with 20 investee companies that generated the highest Scope 1 and 2 emissions in 2022 (accounting for more than 70% of sub-portfolio’s total absolute emissions). Both bilateral and collective engagement activities are planned at company and sector levels (through initiatives such as Climate Action 100+).

Climate Solutions Investment Target: Devote EUR 1.3 billion towards thematic investments for the SDGs in 2024, including those for combating climate change and protecting the environment, terrestrial, marine, and freshwater ecosystems (baseline: EUR 862.2 million invested at the end of 2021).

Lægernes Pensionskasse

Sub-portfolio Target: Reduce the portfolio carbon intensity by 25% for listed equity, by 30% for listed corporate bonds, and by 55% for real estate assets by 2025 (base year: 2019).

Climate Solutions Investment Target: By 2030, 15% of the investment portfolio (AuM) is to be invested in line with one or more of the six environmental objectives of the EU taxonomy.

  University Pension Plan Ontario (UPP)

Sub-portfolio Target: Reduce  intensity of scope 1 and 2 carbon emissions in listed equities, publicly traded corporate bonds, infrastructure, private equity, private debt, and real estate portfolios by 16.5% by 2025 (base year: 2021).

Engagement Target: Engage with at least 20 companies through collective and direct engagement, and with external investment managers to encourage management of climate-related risks and opportunities. Actively participate in the Alliance’s Engagement Track.

Climate Solutions Investment Target: Demonstrate a positive trend in climate solution investments over time. Actively participate in the Alliance’s Financing Transition Track.

Legal & General

Sub-portfolio Target: Reduce emission intensity by 18.5% by 2025 (base year: 2019) across combined traded bonds and equities, real estate and infrastructure (debt and equity holdings).

Engagement Target: Engage with with top 20 investment portfolio emitters, which do not already have Paris-Aligned business transition commitments.

Climate Solutions Investment Target: Maintain representation on the NZAOA Financing Transition Track for 5 years.

  University of Toronto Asset Management Corporation

Sub-portfolio Target: Reduce the carbon footprint of long-term portfolios by 40% by 2030.

Engagement Target: Continue to engage with current and prospective asset managers to emphasize GHG emissions reduction in their portfolios and climate impact in the real economy

Climate Solutions Investment Target: Allocate 10% of the endowment portfolio to sustainable and low-carbon investment strategies by 2025

LVM

Sub-portfolio Target: Reduce carbon intensity for listed equities and corporate bonds by 20% by 2025 (base year: 2021). Real estate investments on 1.5-degree path. 

 Engagement Target:Concentrate on and engage with at least the 20 largest CO2 emitters within the listed equities and corporate bonds portfolio through the service provider: EOS at Federated Hermes.  

Climate Solutions Investment Target: Increase the share of investments in targeted climate-positive assets. 

  Univest* Sub-portfolio Target: Reducing carbon intensity by 30% in equity and corporate bond portfolios by 2025.
MAIF

Sub-portfolio Target: By 2025, reduce the emission intensity of listed equity, corporate bonds and real estate assets by 25%.

Engagement Target: Focus on the 20 largest carbon emitters in its portfolio as well as 20 principal asset managers. MAIF will also continue to contribute to the Climate Action 100+ initiative.

Climate Solutions Investment Target: Reach 15% of ‘green investments,’ as defined by the French Greenfin label in its portfolio by 2025. MAIF will invest in green bonds as well as climate solutions.

  UNIQA

Sub-portfolio Target: Reduce scope 1 and 2 carbon emission intensity for listed equity, corporate bond, and real estate portfolio by 15% by 2025 (base year: 2021).

Engagement Target: Take an active ownership approach (through direct engagement or Climate Action 100+) focusing on investees accounting for 65% of financed emissions in direct equity and corporate bonds.

Climate Solutions Investment Target: Increase sustainable investments (Renewable and Social Infrastructure Investments, Green, Social and Sustainability bonds and Green Funds) to € 2 billion by 2025.

MAPFRE

Sub-portfolio Target: Reduce carbon intensity (scope 1 and 2) of listed equity and corporate fixed income portfolios by 43% by 2030 (base year: 2022).  

Engagement Target: Open dialogue with at least 20 of the top emitters in the corporate bonds and listed equities portfolios.  

Climate Solutions Investment Target: Increase investment in solutions promoting transition to a low-carbon economy.  

  VidaCaixa S.A.U.

Sub-portfolio Target: Reduce carbon emission intensity (scopes 1 and 2) of corporate investments by at least 50% by 2030 (base year: 2019).

Engagement Target: Carry out dialogues with 20 carbon-intensive companies (or those representing 65% of portfolio emissions), with the goal of improving their climate commitments.

Climate Solutions Investment Target: Assume an active role in financing the energy transition through positive climate solutions, such as green bonds.

Meiji Yasuda Life

Sub-portfolio Target: Reduce carbon intensity (scope 1 and 2) from domestic and foreign listed companies as well as real estate by at least 49% by 2030 (base year: fiscal year ending March 31, 2020).

Engagement Target: Assess investees’ plans for reducing their CO2 emissions and engage with companies responsible for approximately 90 percent of the portfolio emissions to encourage them to decarbonise further.

Climate Solutions Investment Target: Invest 300 billion yen in decarbonisation (through, for example, international theme bonds), within 800 billion yen devoted to ESG Investment and Financing from FY2021 to FY2023.

  Vita Collective Foundation

Sub-portfolio Target: Reduce CO2 emissions from equity and real estate investments by 20% by 2025 (base year: 2019).

Engagement Target: Establish direct dialogue with portfolio companies on sustainability issues through Climate Action100+ and the Institutional Shareholder Services (ISS) Engagement Pool. 

Climate Solutions Investment Target: Expand investments to include green bonds, in addition to impact-oriented investments in housing and living space for the future.

M&G plc

Sub-portfolio Target: By 2030, reduce carbon emissions intensity in public equity and public corporate debt portfolios by 50% and by 36% in real-estate (base year: 2019).

Engagement Target: encourage 40 biggest contributors to portfolio emissions (accounting for 50% of equity and corporate fixed income portfolios to set net-zero targets in line with NZAOA criteria.

Sector Targets: By 2030, reduce sectoral emissions intensity by: 60% in utilities, by 50% in coal and O&G, by 40% in steel, by 50% in road transport and by 25% in both shipping and aviation (base year: 2019).

  Wespath Sub-portfolio Target: Reduce the carbon intensity of all investment funds by 35% by 2025 (base year: 2018).
Munich Re

Sub-portfolio Target: Reduce the absolute emissions of listed equities, corporate bond and real estate portfolio by 25-29% (scope 1+2 emissions of investee companies) by 2025.

Sector Target: Reduce emissions for listed equities and corporate bonds for thermal coal (-35%) and oil & gas (-25%).

Engagement Target: Concentrate on and engage with large contributors of financed emissions within the listed equities and corporate bond portfolio.

Climate Solutions Investment Target: Double the renewable portfolio (equity and debt) from €1.6bn to €3bn.

  Zurich Insurance

Sub-portfolio Target: cut carbon intensity for listed equity and corporate bond investments by 25% by 2025; and by 30% for direct real estate investments (base year: 2019).

Engagement target: require those companies that are producing 65% of portfolio emissions to set targets aligned with the Paris Agreement. Should companies refuse to set targets after 2 years of dialogue, Zurich will vote against board members at shareholder meetings. Collaborate with asset managers in highlighting best practice for climate-conscious active ownership and work together for a just transition.

*This organisation does not have a website, the target comes from the CEO statement published during adhesion to the Alliance.