Financial institutions holding $29.3 trillion in assets are today calling on the world’s most impactful businesses to set science-based emissions reduction targets in line with 1.5°C warming scenarios, ahead of COP26 in November.
The request is signed by 220 financial institutions across 26 countries, and whose collective assets are worth more than the GDP of the United States, China, or the entire EU. It represents significant growth in support by 60% on last year, with an increase of 51% in assets behind the call to action.
The group includes some of the world’s biggest investors and lenders like Allianz, Amundi, Cathay Financial Holding Co, Credit Agricole, Insight Investment Management, Legal & General Investment Management, Manulife Investment Management.
They are pressing 1600 companies to set emissions reduction targets through the Science Based Targets initiative to ensure that corporate ambition is independently verified against the de-facto industry standard for robust and credible climate targets. From July 2022, these must be aligned with a 1.5°C pathway to be approved.
The 2021 CDP Science-Based Targets campaign is coordinated by the non-profit charity CDP, which runs the environmental reporting system.
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