UN-convened Net-Zero Asset Owner Alliance Demonstrating 1.5°C-Aligned Decarbonisation The fourth progress report October 2024 Demonstrating 1.5°C-Aligned Decarbonisation i Contents | Disclaimers The designations employed and the presentation of material in this publication do not imply the expression of any opinion whatsoever on the part of the Secretariat of the United Nations concerning the lega. [...] When it comes to its role in the transition of, specifically, the global capital markets, and the global community of institutional investors, Alliance members are not only demonstrating the role of investors in the transition to the wider world, but they are truly moving the needle. [...] Walking the talk—aggregate data on progress of Alliance members 2.1 Who are the target setters? Continuing the Alliance’s trend of steady growth, three members have joined the Alliance since the last progress report.2 This brings the total number of asset owners to 88 (as of August 2024), resulting in a slight increase of combined AuM to USD 9.5 trillion since last year (Figure 2).3 The Alliance’s. [...] As noted earlier, members who report differences are required to provide an explanation, which is reviewed by the Peer Review Group.16 Table 4: Members’ self-assessed alignment with the key elements of the Position on the Oil and Gas Sector Are you aligned with the key element of the position? Key elements of the Position on the Oil and Gas Sector Yes No No exposure Upstream oil: No new oil fields. [...] The number of engagement targets falling into each of the ten KPIs are listed within the four categories of engagements, as described in the third version of the Alliance’s Target-Setting Protocol (2023d).18 Table 5 shows the number of KPIs that have been fully achieved to date.
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Table of Contents
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- _Int_lt2L7g1T 26
- _GoBack 31
- Annex: Additional data and figures 36
- References 34
- Executive summary 9
- 1. Introduction 11
- 2. Walking the talk—aggregate data on progress of Alliance members 15
- 2.1 Who are the target setters? 15
- 2.2 Showing consistent reductions in absolute financed emissions 18
- 2.3 Climate solution investments 20
- 3. Diving into the data further 23
- 3.1 Sub-portfolio decarbonisation 23
- 3.2 Working on sector-level changes 25
- 3.3 Engaging with key stakeholders 29
- 4. New policy developments, best practices, and remaining challenges 31
- 4.1 Encouraging climate policy developments 31
- 4.2 Challenges, potential solutions, and key stakeholders 33
- Foreword 7
- Abbreviations and acronyms 4
- Acknowledgments 3
- Figure 1: Summary of the Alliance’s four-part target-setting approach 13
- Figure 2: Growth in the Alliance’s membership and total AuM 15
- Figure 3: The number and total AuM of members that set intermediate targets by the end of the 2024 Alliance reporting cycle 16
- Figure 4: Total number of members’ intermediate targets set across the Alliance’s four target types 17
- Figure 5: Absolute financed GHG emissions (excluding sovereign debt) of the Alliance members with intermediate targets for the December 2018–2023 period 18
- Figure 6: Members’ annual reduction of financed GHG emissions as of 12/2023, normalised by each cohort 19
- Figure 7: Growth in the Alliance members’ climate solutions investments since 2020 20
- Figure 8: Spread of members’ climate solutions investments across asset classes 21
- Figure 9: Percentage distribution of 2024 climate solution investments per sector 22
- Figure 10: AuM covered by sub-portfolio targets and the total AuM of members setting such targets 23
- Figure 11: Portion of members’ AuM covered by their sub-portfolio targets disaggregated by asset class 24
- Figure 12: Ambition of sub-portfolio targets set for listed equity 24
- Figure 13: Targets on emission-intensity reductions by sector 26
- Figure 14: Data on members’ exposure to and positions on thermal coal 26
- Figure 15: Data on members’ exposure to and positions on oil and gas 27
- Figure 16: Number of member targets set on different engagement KPIs (May 2021–24) 30
- Figure/table 17: Level of achievement of engagement targets (in absolute and percentage terms) 30
- Figure A. 1: Breakdown of the Alliance’s membership by institution type 36
- Figure A. 2: Breakdown of the Alliance’s total AuM by institution type 36
- Figure A.3: Overview of members’ intermediate targets 36
- Figure A. 4: Ambition of sub-portfolio targets set for corporate debt 36
- Figure A. 5: Ambition of sub-portfolio targets set for bonds, equities, real estate, and infrastructure 42
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