Scandinavian Asset Manager Swedbank Robur revealed today that it has decreased CO2 emissions in equities and corporate bonds by 50% since 2017, and unveiled a new set of climate goals linked as it targets net zero emissions by 2040.
The new announcement forms part of a report to be presented in connection with COP26 by the Net Zero Asset Managers initiative, which will include goals and methodologies to be used by the signatories to achieve the Paris Agreement’s goals, based on a common framework. Net Zero Asset Managers was launched in December 2020 with a group of asset managers committing to support the goal of net zero greenhouse gas emissions by 2050 or sooner, in line with global efforts to limit warming to 1.5°C. The initiative forms part of the Glasgow Financial Alliance for Net Zero (GFANZ), a coalition of climate-focused financial industry alliances.
Liza Jonson, CEO of Swedbank Robur, said:
“The climate is the greatest challenge of our time and is being debated extensively. As it should be. However, the debate must not be at the expense of the action, and here initiatives such as Net Zero Asset Managers are an important key in driving development forward. The climate issue must stand alone above short financial objectives, corporate and national borders”.
Swedbank Robur’s new climate goals include halving its emissions by 2030 to ensure net-zero emissions by 2040, from a 2019 baseline. This goal will be achieved partly by investments in companies that have set net-zero targets, with the goal that the share of the asset manager’s AUM that set net-zero targets will be 60% by 2030, and 100% by 2040. The asset manager will also increase its investments in climate solutions, initially focusing on renewable energy investments, and has pledged to prioritize active engagements with companies on setting and pursuing their own net zero goals.
“Our analysis shows that Swedbank Robur has done a major shift since 2017 and that we are well in phase to achieve our first climate target of our managed capital being in line with the Paris Agreement as early as 2025. But that is not enough, and we want to continue to challenge the industry and ourselves to move faster. Our focus will now be on investments in climate solutions and influencing our portfolio companies to set targets in line with the Paris Agreement.”