Generali has pledged to become carbon neutral by 2050 by joining the United Nations-convened Net-Zero Asset Owner Alliance, the group of 18 pension funds and insurers committed to carbon neutrality.
Members of the Alliance, whose assets under management collectively exceed $4.3trn, have vowed to decarbonise their portfolios to net-zero emissions by 2050 in order to avoid a global temperature increase above the 1.5°C Paris target.
Generali said in a note that this goal will not be attained through divestment, but rather the group will work closely with portfolio companies to change their business models, adopting climate friendly practices and ideally setting a net-zero target based.
The Alliance for 2020 will focus on three core areas: 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.
Tim Ryan, group chief investment officer and CEO Asset & Wealth Management, Generali said: "We are proud to be part of the Net-Zero Asset Owner Alliance. It is about walking the talk and further aligning our investment portfolio to our long term commitments.
As a financial services operator we feel the responsibility of contributing to achieving carbon neutrality by 2050."
" As a financial services operator we feel the responsibility of contributing to achieving carbon neutrality by 2050."