T. Rowe Price's Commitment to Net-Zero Investing
T. Rowe Price Group, Inc.
T. Rowe Price, a global investment management company, announced that it joined the Net Zero Asset Managers Initiative (NZAMI). The company aims to achieve and reach net-zero greenhouse gas emissions by 2050, in line with global efforts to cut warming to 1.5 degrees Celsius. The company could strengthen its commitment to providing investment products for clients with net-zero ambitions in joining NZAMI.
T. Rowe Price, founded in 1937, is an international investment management company which manages $1.55 trillion in assets until March 31, 2022. Among the company's services are mutual funds and sub-advisory services. They also offer separate account management for both individual and institutional investors, as well as retirement plans and financial service providers.
Rob Sharps, CEO and president of T. Rowe Price, said:
"A growing number of our clients are setting net-zero targets and requiring products that meet their needs. Joining the Net Zero Asset Managers initiative enables us to help our clients meet their net-zero ambitions in a manner compatible with our fiduciary duty to them. We are excited to be a part of this important initiative."
Maria Elena Drew, director of research for responsible investing at T. Rowe Price, said:
"In establishing a net-zero product range we want to promote a common industry standard, which we believe will ultimately provide better transparency for our clients. We intend that our net-zero investment products will utilize the Paris Aligned Investment Initiative Net Zero Investment Framework, which is designed to allow for real economy transition to net zero."
Source: T. Rowe Price