UN Net-Zero Asset Owner Alliance’s AuM grows to $9.5trn

Written by Michael Griffiths

19/10/2023

The UN-Convened Net-Zero Asset Owner Alliance has reported that its membership now covers over $9.5trn in assets under management (AuM).

Over the past year, covering the 12 months to August, the number of Alliance members has grown by 12 to total 86.

Ahead of COP28 in the United Arab Emirates (UAE) in six weeks, the Alliance has released its third annual progress report, and called on Governments to accelerate policies that will unlock capital towards the net-zero transition.

Figures from the report have also shown that through the 2023 reporting cycle, 69 members with $8.4trn in AuM have set intermediate climate targets in line with the Alliance’s target setting protocol, up from 44 members with $7.1trn in AuM last year.

The Alliance’s target setting requirements are based on the Intergovernmental Panel on Climate Change (IPCC) no and low overshoot 1.5°C scenarios and include defining targets on engagement and at least two of three other target types—sub-portfolio, sector, and climate solution investments—12 months after joining.

Board member at Allianz SE and Chair of the UN-Convened Net-Zero Asset Owner Alliance, Günther Thallinger, said: “Alliance members are making solid progress towards achieving their 2025 emissions targets, showing that, step-by-step, the crucial long-term transition to achieve 1.5°C can be implemented. Our work is supporting governments to implement their net-zero programmes by accelerating the reform of existing financial and investment policy frameworks.”

“As we head towards at least 2.4°C warming with current climate pledges, we are at a pivotal moment to strengthen efforts for system-wide transformation. Alliance members act by implementing their intermediate targets. We call on others to do the same.”

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