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 December 2022, 58 members 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.

Aegon Sub-portfolio Target: Reduce the intensity of its corporate fixed income and listed equity portfolio emissions by 25% 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.

Financing transition: 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.

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

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.

Financing transition: Practice 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) by 2025.

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 2025.
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.

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.

Financing Transition target: Between 2021 and 2023, invest JPY 500 billion in climate solutions in transition, innovation and renewable energy. 

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.

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

Financing Transition 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.

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

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

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”.

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.

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.

BNP Paribas

Sub-portfolio Target: Reduce the carbon footprint of directly held equity and bond portfolios by at least 23% by 2025 (base year: 2020).

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.

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.

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

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.

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.

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.

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.

Financing Transition: Ensure 15% of AUM is in green investments by 2025 and 20% by 2030.

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.

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).

CDPQ

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

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

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.

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). 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).

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.

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

Financing: Transition Target: Increase investment in renewables, to contribute to adding 14GW in production capacity.

Société Générale Assurances

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

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

Dai-Ichi Life Group

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

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

  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.

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).   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.

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.

  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+.

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.

  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 2025 (from USD 2.6 billion in 2020).

FRR Sub-portfolio Target: Reduce the absolute portfolio carbon emissions by 20% by 2025.   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.
Generali Group Sub-portfolio Target: Reduce portfolio carbon intensity by 25% by 2025.   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.

HanseMerkur

Sub-portfolio Target: Reduce portfolio emissions by at least 50% by 2030.

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.

  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.

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.

Financing Transition Target: Increase the share of investments in targeted climate-positive assets.

  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.
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.

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

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

Financing Transition: Increase sustainable investments (Renewable and Social Infrastructure Investments, Green, Social and Sustainability bonds and Green Funds) to € 2 billion 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 (base year: 2019).

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.

  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: 2020).

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.

Financing Transition: Assume an active role in financing the energy transition through positive climate solutions, such as green bonds.

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.

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

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

 Financing Transition Target: Increase the share of investments in targeted climate-positive assets. 

  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.