Alliance Member Targets for 2025

Since the launch of the Alliance, 44 Alliance members have filled and submitted detailed reporting templates of their targets to the Secretariat – as seen in the Second Progress Report.

As of July 2022, 46 members published targets in line with the Protocol – 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.

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

Financing Transition: 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.

AkademikerPension Sub-portfolio Target: Reduce GHG portfolio emissions by 26.8% by 2025.   Legal & General

Sub-portfolio Target: reducing CO2e emission intensity by 18.5% by 2025 (using

2019 as base year) 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.

Financing Transition Target: maintaining representation on the NZAOA Financing Transition Track for 5 years.

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: open climate-related dialogues with 20 companies.

Financing transition: Transparency regarding green investments. Participate in 4 round tables and initiate dialogue with 2 Development Finance Institutions (DFIs).

  Munich Re

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

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

Financing Transition Target: Double the renewable portfolio (equity and debt) from €1.6bn to €3bn.

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

Allianz Sub-portfolio Target: Reduce GHG portfolio emission intesity by 25% in listed equity and corporate bonds by 2025 (base year: 2019). Real estate investments on 1.5-degree path by 2025.   NORDEA Sub-portfolio Emission Target: Reduce the portfolio carbon intensity by at least 25 per cent by the end of 2024.
AMF

Sub-portfolio Target: Introduction of 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 dioxide emissions in the portfolio.

  P+

Sub-portfolio Target: The CO2-footprint of our investment portfolio must be 30 pct. lower in 2025 compared to 2019.

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

Financing Transition target: 15 pct. of our total assets must be invested climate-friendly by 2030.

Aviva

Sub-portfolio Target: Cut the portfolio carbon intensity by 25% by 2025; and by 60% by 2030. Reach carbon neutrality 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.

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

  PensionDanmark

Sub-portfolio Target: Reduce the climate footprint of listed equities and corporate bonds portfolios by 45% by the end of 2024.

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 the end of 2024.

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.

Financing Transition 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.

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

Portfolio Targets: Reduce carbon intensity based target for listed corporate credit by 25% by 2025 (using 2019 as the baseline year).

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

Financing Transition Target: reporting on progress on climate-positive investments, focusing on renewable energy and green buildings.

Bayerische Versorgungskammer

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

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

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

  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.  

BNP Paribas

Sub-portfolio Target: Reduce the carbon footprint of directly held equity and bond portfolios by at least 23% between end 2020 and end 2024

Engagement Target: Conduct dialogue with companies and asset managers.

Financing Transition Target: Allocate at least 800 million euros annually to investments with a positive environmental impact

  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.

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

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.

Financing Transition 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 27% 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.

Financing Transition 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 & 2030 for Energy, Transport and Industrials, and Materials sectors.

Financing Transition Target: continue to identify and allocate capital to climate solutions and low-carbon investments.

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

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

Financing Transition: Hold $54 billion in green assets by 2025 and create a $10-billion transition envelope.

  Société Générale Assurances

Sub-portfolio target: Reduce the carbon footprint of its equity and corporate bond portfolios by 30% by 2025 compared to 2018.

Financing Transition target: Double the part of green investments (1) between 2020 and 2025, in order to reach to 5.6 billion euros.daich

Church of England Pensions Board Sub-portfolio Target: Carbon-related performance alignment by 2023 and a year-on-year improvement of at least 7% in relative carbon intensity or equivalent (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.

Financing: Transition Target: Look to invest more in climate solutions.

CNP

Sub-portfolio Target: Reduce the carbon footprint of its directly held equity and corporate bond portfolio by a further 25% by the end of 2024, 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 the end of 2024.

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 the end of 2024.

  Storebrand

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

Financing Transition Target: investing 15% of total AUM in climate solution companies by 2025.

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

Dai-Ichi Life Group

Sub-portfolio Emission Target: Reducing GHG emission by 25% in listed equities, corporate bonds, and real estate by FY2024.

Financing Transition Target: Cumulative ESG thematic investment amount will be at least doubled by FY2023.

  Swiss Re

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

Financing Transition Targets: Increase investments in renewable and social infrastructure by USD 750 million. Expand green, social and sustainability bond exposure to USD 4 billion by the end of 2024 (from USD 2.6 billion in 2020).

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 (compared to the 2019 level).   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.
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.

  The Co-operators Group

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

Financing Transition 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.

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.

  The David Rockefeller Fund

Sub-portfolio Emission 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.

FRR Sub-portfolio Target: Reduce the absolute portfolio carbon emissions by 20% by 2025.   UN Joint Staff Pension Fund (UNJSPF) Sub-portfolio Emission Target: reduce the absolute greenhouse gas footprint of its equities and corporate bonds’ portfolios by 29% in 2021 and by 40% by 2025.
Generali Group Sub-portfolio Target: Reduce portfolio carbon intensity by 25% by 2025.   Univest* Sub-portfolio Target: Reducing carbon intensity by 30% in equity and corporate bond portfolios by 2025.
HanseMerkur

Sub-portfolio Target: Reduce portfolio emissions by at least 50% by 2029.

Engagement Target: Seek direct dialogue with at least 20 issuers that make the largest contribution to the portfolio’s GHG emissions . Exercise voting rights in targeted manner.

Financing Transition Target: Steadily increase climate-positive forms of investment, aligned with the EU taxonomy.

  Wespath Sub-portfolio Target: reduce the carbon intensity of all investment funds by 35% (base levels: October 2018) 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).   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.