The Net Zero Asset Managers initiative added 41 new signatories, with investors running a total $43 trillion now pledging to achieve net-zero emissions in portfolios by 2050 or sooner.
The initiative, which launched in December with 30 managers running a total $9 trillion, now has 128 signatories.
Managers also pledge to set interim carbon reduction targets in their portfolios by 2030, to prioritizing the achievement of real economy emissions reductions and committing to transparent and rigorous accountability. Managers will report on progress against the Task Force for Climate-related Financial Disclosures recommendations on an annual basis.
Those adding their names to the list include Amundi, Franklin Templeton and its affiliate firms, HSBC Asset Management and Federated Hermes. Willis Towers Watson also signed up in its role as a provider of outsourced CIO services.
There has also been a marked uptick in the number of Asia-based managers joining the initiative, a news release said. APAC-based signatories include BT Funds Management and Sumitomo Mitsui Trust Asset Management.
The initiative is managed globally by six founding partner investor networks: Asia Investor Group on Climate Change, CDP, Ceres, Investor Group on Climate Change, Institutional Investors Group on Climate Change and Principles for Responsible Investment.
"In just six months nearly half of the global asset management sector has committed to achieving net-zero emissions with their clients across the funds they manage," Stephanie Pfeifer, CEO at the IIGCC, said in the release. "This marks a fundamental tipping point across the investment sector and a significant boost in efforts to tackle climate change and decarbonise the global economy. There's a lot more to achieve, but the sector is increasingly on a path to a net-zero future."
