COP26 and the Race to Net Zero

The COP 26 took place in Glasgow from October 31st to November 13rd.

To support the global goal to a zero emission worl, Amundi has taken action:

  • Amundi who joined the Net Zero Asset Managers Initiative, is an actor of the just transition and embraces global carbon neutrality objectives.
  • Amundi joined the Finance for Tomorrow’s « Investors for a Just Transition » coalition as a founding member.

The United Kingdom hosted this 26th United Nations Conference of the Parties on Climate Change, in Glasgow from 31 October to 13 November 2021.

More than a day after the originally scheduled end date, the negotiators from nearly 200 countries reached an agreement, the “Glasgow Climate Pact” aimed at keeping the goals of the 2015 Paris Agreement alive.

During the summit, notable commitments were announced:

  • Phase out coal,
  • Halt and revert deforestation,
  • Inception of the Glasgow Net Zero Financial Alliance (GFANZ), a consortium of over 450 financial institutions representing $130 trillion in assets.
  • ask countries to come back next year for the COP27 in Egypt with more ambitious 2030 reduction targets in line with Paris Agreement.

Before the COP26, the world was on track for a 2.7°C rise in temperatures by the end of the century. Thanks to the pledges announced by the 140 countries representing 90% of the world’s GDP, this scenario now looks now very different. According to the International Energy Association (IEA), the COP26 pledges will put world on track for 1.8°C warming by the end of the century. In total, 140 countries have announced or consider a net zero target, covering 90% of global emissions (vs. 70% six months ago).

To get an overview and insights into the relevance of the pledges made, take a look on the ESG Thema Special Edition COP26 

Net Zero Announcements

Energy transition is not only a financial risk, it is our responsibility. Beyond investors’ mobilization on climate risks, 2021 needs to be the year of climate action for all economic actors. Global GHG emissions need to drop, they need to drop now, and we have a collective responsibility to make it happen. In this race to Net Zero, and with a deep awareness of our responsibility, as a global responsible asset manager, Amundi is proud to embrace global carbon neutrality objectives and to be an actor of the transition by joining the Net Zero Asset Managers initiative.

Read the Press Release  

Just Transition Coalition

Finance for Tomorrow brings together asset managers and asset owners representing €3.6 trillion in the first global engagement coalition to promote a just transition to low-carbon economies. The founding members of the coalition will commit to engaging with companies, encouraging them to integrate the social aspects of the transition into their strategies and to highlight best practices within key industries. Through this collaborative platform, investors will work with different stakeholders (such as companies, labor unions, universities and research institutes) to define a common strategy and specific engagement objectives. To maximize the impact of their engagement efforts, the coalition’s founding members call on all investors and companies to join the initiative in preparation for its international launch at the COP26 in Glasgow.

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