Summary
Authors
Following the relaunch of the Net Zero Asset Managers initiative in February 2026, the updated framework reflects the practical realities of climate implementation across different mandates, jurisdictions and regulatory environments. This article examines the evolution of the initiative and how Amundi translates these principles into climate solutions, client support and stewardship.
Net Zero Alliances: a rapidly evolving ecosystem
Net zero alliances have emerged as voluntary, sector-based initiatives that help financial institutions address climate-related risks and opportunities within their respective roles.
The Net Zero Asset Managers initiative, or NZAM, was created for the asset-management industry, providing a platform through which signatories disclose their individual net zero commitments, targets and implementation approaches. By mid-2024, NZAM had grown to more than 325 signatories representing approximately US$57.5 trillion in AuM1.
From late 2024, however, the operating environment for collaborative climate initiatives became more challenging. Political and legal scrutiny increased in some jurisdictions, notably in the United States, alongside diverging regulatory requirements and client expectations. Faced with regulatory scrutiny, a number of US asset managers subsequently left the initiative. In January 2025, NZAM suspended its activities to review whether its framework remained fit for purpose in this changing global context2.
The review reflected a broader reality for global investor initiatives. While institutions may share long-term climate objectives, implementation must remain consistent with fiduciary duties, client mandates, applicable regulation and local market conditions. NZAM’s subsequent relaunch therefore represents an adaptation of the original framework, with greater clarity on the conditions and limitations that shape how individual asset managers can act3.
The 2026 relaunch: greater clarity, continued ambition
On 25 February 2026, NZAM officially relaunched with more than 250 asset managers signed on to an updated Commitment Statement. The relaunch followed a six-month strategic review and marked the resumption of the initiative’s target-setting and implementation-support activities.
The updated framework remains anchored in the Paris Agreement and the global objective of net zero greenhouse gas emissions. At the same time, it places greater emphasis on the practical conditions under which asset managers operate. These include fiduciary duties, client mandates and expectations, divergent regulatory regimes, and differing jurisdictional contexts.
The relaunch should therefore be viewed as an adaptation of the original framework rather than a departure from its purpose. NZAM continues to provide a common reference point for asset managers addressing climate-related financial risks and oppor¬tunities, but with clearer recognition that implementation must reflect the responsibilities and circumstances of each institution.
Amundi’s targets and continued commitment
Amundi’s climate objectives and commitments remain unchanged under the revised NZAM framework. The updated Commitment Statement is consistent with Amundi’s existing approach:
Developing climate investment solutions, in line with investors' preferences and constraints;
Accompanying our clients in managing climate-related risks and opportunities;
Encouraging investee companies to adopt and implement credible transition plans through stewardship activities.
Amundi has achieved its net zero target for 2025 and reached a total of €332bn of assets under management aligned with a net zero goal at the end of the year.
Over the past three years, Amundi has continued to expand its climate investment offering and pursue active stewardship on climate issues. This includes:
Extending its climate engagement plan to an additional 1,818 companies by the end of 2025 compared with the end of 2021, exceeding the target of engaging an additional 1,000 companies by the end of 2025;
Expanding its climate investment solutions offering across regions, covering six assets’ classes at end 2025;
Maintaining dialogue with clients and prospects around their net zero commitments, with more than 1,000 institutional investors approached regarding their net zero strategies.
In line with NZAM guidance, Amundi is working on a revised target expected to be released in 2027. A climate strategy continuity plan for the following three years was presented at the 2026 Annual General Meeting.
Sources
1.Net Zero Asset Managers initiative / Ceres, “Net Zero Asset Managers initiative publishes report on signatories’ target disclosures as the initiative grows to over 325 signatories”, available at: https://www.ceres.org/resources/news/net-zero-asset-managers-initiative-publishes-report-on-signatories-target-disclosures-as-the-initiative-grows-to-over-325-signatorie
2.Reuters, “Investor climate group suspends activities after BlackRock exit”, 13 January 2025, available at: https://www.reuters.com/sustainability/sustainable-finance-reporting/investor-climate-group-suspends-activities-after-blackrock-exit-2025-01-13/
3.Net Zero Asset Managers initiative, “Net Zero Asset Managers Initiative Relaunches with Global Investor Backing and Updated Commitment”, 25 February 2026, available at: https://www.netzeroassetmanagers.org/net-zero-asset-managers-initiative…
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