Italian re/insurer Generali has joined the Net-Zero Asset Owner Alliance, an international group of institutional investors that have committed to decarbonise their portfolios to net-zero emissions by 2050.
Convened by the United Nations (UN), the Alliance aims to help avoid a global temperature increase above the 1.5°C Paris target.
To achieve this goal, the Alliance will work closely with portfolio companies to change their business models and adopt more climate-friendly practices.
In total, over $4.3 trillion assets are managed by the 18 Alliance members, which include pension funds and re/insurers.
“We are proud to be part of the Net-Zero Asset Owner Alliance,” said Tim Ryan, Group Chief Investment Officer and CEO Asset & Wealth Management at Generali.
“It is about walking the talk and further aligning our investment portfolio to our long term commitments,” he added. As a financial services operator we feel the responsibility of contributing to achieving carbon neutrality by 2050.”
Areas of focus for the Alliance this year will include advancing its measurement and public reporting, engaging with portfolio companies on a net-zero target, and engaging policymakers towards policies supportive of net-zero economy ambitions.
