Ping An Insurance (Group) Company of China, Ltd. has become the first Chinese asset owner to join Climate Action 100+, an investor initiative that aims to engage the largest corporate greenhouse gas emitters and help them take action on climate change.
Currently, more than 420 investors across the world with more than US $38 trillion in assets under management have signed on to Climate Action 100+.
Ping An’s decision to back the initiative seems to reflect growing momentum in investor environmental stewardship in China and across Asia.
“We are delighted to welcome Ping An to Climate Action 100+,” said Fiona Reynolds, CEO of Principles for Responsible Investment (PRI).
“As an influential long-term investor, its commitment and leadership will be vital to accelerating action on climate change in China and beyond,” she added. “We look forward to working with Ping An.”
In September 2019, Ping An signed up to PRI, making it the first Chinese asset owner signatory.
The company claims to be committed to improving its climate change-related risk management, as part of its “finance + technology” strategy.
As part of these efforts, Ping An is also applying artificial intelligence technologies to monitor climate change and environmental quality in China.
“Climate change is a global issue, and its impacts are a topic of universal concern,” said Richard Sheng, Board Secretary and Brand Director of Ping An.
“As a global leading integrated financial services group, Ping An has always responded proactively to business risks and operational risks arising from climate change and released the first TCFD (Task Force on Climate-related Financial Disclosures) report in China,” Sheng continued.
“By joining Climate Action 100+, we are building another significant channel to engage with companies on how to reduce greenhouse gas emissions and adopt sustainable practices. Ping An is committed to tackling climate change and pursuing sustainable development.”