M&G's interim targets towards net zero
As stewards of the long-term savings of millions of people, we have a responsibility to invest for a sustainable future. Scientific evidence clearly shows that climate change is one of the biggest threats to our planet and, through our global investments and our own corporate behaviour, we are playing our part in the transition to a low carbon economy.
In 2020, we made a pledge to achieve net zero carbon emissions on our entire investment portfolio by 2050, in line with the Paris Agreement and the UK Government’s target.
Since then, our asset manager, M&G Investments, and our asset owner, have both set interim targets towards this long term goal, as members of the Net Zero Asset Manager Initiative and the Net Zero Asset Owner Alliance respectively and in accordance with their requirements.
Asset manager (M&G Investments)
M&G Investments is a signatory to the Net Zero Asset Manager Initiative, an international group of asset managers committed to supporting the goal of net zero greenhouse gas emissions by 2050 or sooner, in line with global efforts to limit warming to 1.5 degrees Celsius.
In November 2021, M&G Investments set an initial interim target of achieving a 50% reduction in carbon emissions by 2030 on behalf of £58 billion in assets managed on behalf of Prudential UK, its internal client, committing to increase the assets managed in line with achieving net zero by 2050, with the engagement and consent of its third party clients and as other asset classes develop robust methodologies for alignment.
M&G Investments published its first update on its progress towards its net zero goal in September 2022. A summary of this is available in our media centre here, and the full disclosure is below.
Asset Manager Net Zero progress update disclosure and CDP questionnaire
Net Zero Asset Manager Initiative target setting
Asset owner (Prudential Assurance Company)
In 2021, our Asset Owner became a member of the Net Zero Asset Owners Alliance, a UN-convened group of 74 leading global institutional investors, representing $10.6tn of capital, committed to transitioning their investment portfolios to Net Zero Greenhouse Gas emissions by 2050, with the aim of helping limit global warming to 1.5°C.
Joining the NZAOA required the Asset Owner to set interim targets towards net zero in line with the NZAOA’s Target Setting Protocol within a year of joining. Our first set of targets was published in September 2022 and is available below.
Asset Owner Net Zero Interim Target Setting