The world’s largest asset managers are far off track to meet their own 2050 net zero commitments, according to a new study released by FinanceMap today. The analysis finds that the world’s largest asset managers have not improved their climate performance over the past two years and in some cases have reversed positive trends, despite most having set net zero by 2050 targets through initiatives such as the Net Zero Asset Managers (NZAM).
FinanceMap’s Asset Managers and Climate Change 2023 report scores 45 of the largest asset management companies based on three criteria: equity portfolio analysis, stewardship of investee companies, and sustainable finance policy engagement.
All asset management firms analyzed in this work were consulted on their results prior to release. Full results for each asset manager are available at FinanceMap.org.
“The data shows that while they may talk the talk, most asset managers are not walking the walk when it comes to using their influence to drive real change in investee companies and sustainable finance policy,” said FinanceMap Program Manager Daan Van Acker.
“Since FinanceMap’s 2021 report, asset managers’ portfolios are still misaligned with net zero targets, environmental stewardship efforts have stagnated, and asset managers are not supporting effective sustainable finance policy,” said Van Acker.
Additional key findings from this year’s report include:
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The methodologies used in this research rely on publicly available information and financial databases. Assessments are built around industry-standard and science-based benchmarks such as the EU Taxonomy, the PACTA tool using the IEA Net Zero Emissions by 2050 scenario, and the UK FRC Stewardship Code, among others. FinanceMap assesses three areas of asset manager activity: portfolios, stewardship, and policy engagement. Full details of our methodologies are available on our website. FinanceMap provided all the asset managers with an opportunity to comment on this analysis and engaged in depth with many of them.