Ageas accelerates investment portfolios toward net-zero carbon emissions
Ageas has joined the Net Zero Asset Owner Alliance (NZAOA) which commits to transitioning its investment portfolios to net-zero greenhouse gas (GHG) emissions by 2050. Ageas aims to invest EUR 10 billion in assets making a positive contribution - social and environmental - towards a more sustainable world by 2024.
Impact24, Ageas' strategic plan, places a strong emphasis on long-term growth. Ageas has promised to invest at least 10 billion euros in assets that help make the world more sustainable by 2024. It wants its investment portfolio to have net-zero carbon emissions by 2050 at the latest. Ageas has defined an intermediate trajectory to achieve its carbon reduction objectives in order to meet this long-term target, and because 2050 is still relatively far away.
Ageas is proud to say that it has joined the Net Zero Asset Owner Alliance (NZAOA), which was set up by the United Nations. The NZAOA is a member-led group of insurers, pension funds, and foundations that have agreed to switch their investment portfolios to ones with net-zero greenhouse gas (GHG) emissions by 2050. Ageas is the Alliance's first Belgian asset owner.
Concerning the carbon intensity of its investment portfolio, Ageas sets a first intermediate target of a 50% reduction in GHG emissions by 2030 for its European consolidated entities' equities, corporate bonds, real estate, and infrastructure portfolios. This goal is consistent with the NZAOA requirements. As a result, Ageas shifts from a long-term commitment of 2050 to a much closer intermediate target of 2030. The progress will be measured in relation to the levels of 2021.
Ageas will also continue to work with companies directly or indirectly through its external asset managers and/or collective engagement initiatives. It will focus on the 20 companies in its portfolio that produce the most greenhouse gases and try to get them to do something to meet the European Commission's goal of a net-zero carbon footprint.
As part of this commitment, Ageas will also implement a very clear and transparent methodology to drive the Group and other companies toward greater sustainability more quickly.
Lastly, as stated in its Impact24 strategy, Ageas plans to invest 10 billion euros in assets that make the world a better place for people and the environment. Among these long-term investments, Ageas intends to make at least EUR 5 billion in climate-related investments by 2024.
“Contributing to a more sustainable world is at the heart of Ageas strategic plan, Impact24. As a leading insurer and a responsible investor, we commit to decarbonise our investment portfolio by 2050 at the latest and we will invest in climate solutions. By joining the Net Zero Asset Owner Alliance we confirm our contribution to the global effort to mitigate climate change and to the achievement of the Paris Agreement. By joining the Alliance we strengthen our long term 2050 net zero commitment with a much closer 2030 decarbonisation target of minus 50%. We are confident that thanks to our continuous efforts to implement a responsible approach in our investments, we are in a good position to meet the requirements of the Alliance and to achieve our first intermediary targets and as such to contribute to the Alliance’s ambition to limit the global temperature increase to maximum 1.5°Celsius” said Hans De Cuyper, CEO Ageas
Source: Ageas newsroom