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Prudential to become net zero asset owners by 2050
StockMarketWire.com
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Prudential is to decarbonise its portfolio of assets held on behalf of its insurance companies with a new goal of becoming "net zero" by 2050.
The pledge is aligned to the Paris Agreement, which invites parties to commit to holding the increase in the global average temperature to well below 2 degrees Celsius above pre-industrial levels and to pursue efforts to limit the temperature increase to 1.5 degrees Celsius above pre-industrial levels, recognising that this would significantly reduce the risks and impacts of climate change.
The measures include a 25 % reduction in the carbon emissions of all shareholder and policyholder assets by 2025 as well as divestment from all direct investments in businesses that derive more than 30 per cent of their income from coal, with equities to be fully divested by the end of 2021 and fixed-income assets by the end of 2022.
Additionally, the firm has initiated a commitment to accelerate the transition to a low-carbon economy by engaging with the companies responsible for 65 per cent of the emissions in our portfolio.
Prudential intends to join the United Nations-convened Net Zero Asset Owner Alliance.
At 9:48am: (LON:PRU) Prudential PLC share price was 0p at 1249p
Story provided by StockMarketWire.com
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