Prudential PLC Prudential announces 'net zero' asset owner pledge (9080X)
07 Mayo 2021 - 03:30AM
UK Regulatory
TIDMPRU
RNS Number : 9080X
Prudential PLC
07 May 2021
7 May 2021
Prudential supports low-carbon transition with pledge to become
"net zero" asset owner by 2050
Prudential plc ("Prudential") today announces plans to
decarbonise its portfolio of assets held on behalf of its insurance
companies with a new goal of becoming "net zero" by 2050 (1) .
The pledge is aligned to the Paris Agreement, which invites
parties to commit to holding the increase in the global average
temperature to well below 2 degrees Celsius above pre-industrial
levels, and to pursue efforts to limit the temperature increase to
1.5 degrees Celsius above pre-industrial levels, recognising that
this would significantly reduce the risks and impacts of climate
change.
Prudential is taking immediate actions to help deliver on its
ambitious longer-term objective. These include:
-- A 25 per cent reduction in the carbon emissions of all
shareholder and policyholder assets by 2025 (1)
-- Divestment from all direct investments in businesses which
derive more than 30 per cent of their income from coal, with
equities to be fully divested by the end of 2021 and fixed-income
assets by the end of 2022 (1)
-- A commitment to accelerate the transition to a low-carbon
economy by engaging with the companies responsible for 65 per cent
of the emissions in our portfolio (1)
We will continue to review and update our ESG strategy in line
with our business strategy, and all carbon metrics and targets -
both near-term and longer-term - will be regularly reviewed to take
into account evolving scientific data and stakeholder
expectations.
In order to facilitate greater collaboration with global peers,
Prudential intends to join the United Nations-convened Net Zero
Asset Owner Alliance, a network of institutional investors
committed to the decarbonisation of their portfolios. Eastspring,
Prudential's asset management business, is committed to developing
a comprehensive and distinctive range of Asia-focused ESG
investment strategies. In 2018, Eastspring became an asset manager
signatory to the Principles for Responsible Investment (PRI), the
global organisation which helps members embed environmental, social
and governance (ESG) objectives into investment practice.
Prudential plc now intends to sign up to the PRI as an asset
owner.
Prudential has already set a target to become net carbon neutral
by the end of 2030 across Scope 1, emissions from sources directly
controlled by the business, and Scope 2, indirect emissions
associated with the purchase of electricity, heat or cooling.
In its annual reporting for 2021, Prudential intends to enhance
its ESG disclosures, addressing the increased reporting obligations
of the HKSE and the FCA applicable for FY2021. The Group will
commence referencing and mapping its disclosures against the
standards which are most widely used by shareholders for comparing
companies within its sector and which are most appropriate given
the nature and location of its operations. In doing this, the Group
will consider a range of current standards, including the
Sustainability Accounting Standards Board (SASB) or the Global
Reporting Initiative (GRI) or a combination of these, and take into
account the progress of efforts being made to align these
standards. The Group intends to progressively enhance these
disclosures over time.
Mike Wells, Group Chief Executive of Prudential, said: "Any
future climate crisis will disproportionately affect the
communities we serve in Asia and Africa. As a steward of long-term
capital and a protector of people's lives, we need to use our scale
and expertise to drive decarbonisation at pace - and to do so in a
way which is just and fully inclusive, is engaged with our
stakeholders and delivers green growth which benefits everyone.
Today's announcements set out how Prudential intends to play the
fullest possible role in the transition to the net-zero future
which is essential if global temperature rises are to be
controlled."
Media Investors/Analysts
Jonathan Oliver +44 (0)20 3977 9500 Patrick Bowes +44 (0)20 3977 9702
Tom Willetts +44 (0)20 3977 9760 William Elderkin +44 (0)20 3977 9215
Footnote
(1) The portfolio , with a value of $128 billion as at 31
December 2020, excludes unit-linked funds and assets held by joint
venture businesses. Following the announcement of the intent to
demerge Jackson Financial Inc (Jackson), the Jackson business and
all assets it holds are also excluded from these commitments. In
addition, this policy cannot be applied to certain
externally-managed collective investment scheme balances.
Notes to Editors
Prudential intends to publish data on the weighted average
carbon intensity of its asset portfolio in its next ESG report to
be published in March 2022.
More information about the Net Zero Asset Owner Alliance can be
found here: https://www.unepfi.org/net-zero-alliance/about /
More information about the PRI can be found here:
https://www.unpri.org/pri/about-the-pri
About Prudential plc
Prudential plc is an Asia-led portfolio of businesses focused on
structural growth markets. The business helps people get the most
out of life through life and health insurance, and retirement and
asset management solutions. Prudential plc has 20 million customers
and is listed on stock exchanges in London, Hong Kong, Singapore
and New York. Prudential plc is not affiliated in any manner with
Prudential Financial, Inc. a company whose principal place of
business is in the United States of America, nor with The
Prudential Assurance Company Limited, a subsidiary of M&G plc,
a company incorporated in the United Kingdom.
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