Net zero targets set for the Group’s wealth management companies
The Group’s wealth management companies, in light of their participation in the Net Zero Asset Managers Initiative (NZAMI) and the Net-Zero Asset Owner Alliance (NZAOA), have set their respective intermediate targets, aimed at reaching net greenhouse gas neutrality of assets under management by 2050.
In further detail:
Eurizon Capital SGR, Fideuram Asset Management SGR and Fideuram Asset Management Ireland dac, participants in the Net Zero Asset Managers Initiative (NZAMI), have made commitments in four areas:
- Asset Level Alignment Target, whereby the asset managers undertake to identify the portfolio of assets, i.e., the In-Scope Portfolio1, that will be managed with the goal of achieving climate neutrality by 2050: as at 31 December 2021, Eurizon reported an In-Scope Portfolio equal to 15.39% of its AUM, Fideuram Asset Management equal to 13.86% of its AUM and Fideuram Asset Management Ireland to 29.79% of its AUM.
- Portfolio Level Reference Target, which reflects the intermediate targets for the In- Scope Portfolio to be achieved by 2030: the asset management companies Eurizon2, Fideuram Asset Management and Fideuram Asset Management Ireland3, have announced their goal of halving financed emissions - expressed in terms of intensity - by 2030
- Stewardship and Engagement Target, which is a commitment to establish solid engagement plans with investee companies that incentivise them to implement effective decarbonisation pathways: the goal is to reach 90% of financed emissions
- Investment in Climate Solutions, whose signatories commit to increasing their investments in environmentally sustainable activities.
Intesa Sanpaolo Vita Insurance Group, a member of the Net-Zero Asset Owner Alliance (NZAOA), has made commitments in three areas of action:
- Sub-Portfolio: cutting the emissions of “Direct Investments” – for the Listed Equity and Publicly Traded Corporate Bond asset classes – equal to 50% of the Carbon Intensity by EVIC by 2030, considering 2021 as the baseline year
- Engagement: two-way discussions with the top 20 issuers, which account for about 70% of the emissions in the Insurance Group’s In-Scope Portfolio - with the end aim of evaluating, discussing and enabling their respective decarbonisation pathways and strategies
- Financing the Transition: commitment to report annually to the NZAOA on the amount of investments supporting the green transition (Climate Solution Reporting).
These targets, approved by each company’s Board of Directors, follow the publication - in the 2022-2025 Business Plan - of the 2030 targets for cutting financed emissions in the main emission-intensive sectors and come in the wake of the Group’s participation in the Net-Zero Banking Alliance.
1. Portfolio referring to specific asset classes - listed equity and corporate fixed income - envisaged by NZAMI.
2. Target calculated as the intensity of Scope 1 greenhouse gas emissions (from sources that are controlled or owned by the company) and Scope 2 greenhouse gas emissions (generated by the energy purchased and consumed by the company) compared to the issuer’s EVIC (Enterprise Value Including Cash).
3. Target calculated as the intensity of greenhouse gas emissions of "Scope 1" (deriving from sources owned or controlled by the company) and "Scope 2" (generated by the energy purchased and consumed by the company) compared to the EVIC (Enterprise Value Including Cash, i.e. the market value of the issuer including cash).
Last updated 28 October 2022 at 18:03:48