Generali to Cut a Quarter of Emissions in Stock, Bond Portfolio
30 Juni 2021 - 01:50PM
Dow Jones News
By Dieter Holger
Italian insurer Assicurazioni Generali SpA pledged to cut a
quarter of greenhouse-gas emissions in its stock and bond
investments by 2025, adding pressure to companies in its portfolio
to move on climate change.
To help make its investments carbon neutral by 2050, the
Trieste, Italy-based company said it would make the 25% cut to its
listed equities and corporate-bond holdings and align its
real-estate portfolio to a 1.5 degrees Celsius global-warming
pathway. Generali's total assets under management stood at 671.6
billion euros ($798.4 billion) at the end of March.
It also said it would invest EUR8.5 billion to EUR9.5 billion
euros between 2021 and 2025 in green and sustainable investments.
Generali said it surpassed its previous target of EUR4.5 billion
between 2019 and 2021 a year in advance, reaching some EUR6 billion
at the end of 2020.
Plus, Generali said it will cease investments in companies with
thermal-coal operations in Organization for Economic Co-operation
and Development countries by 2030 and the rest of the world by
2040.
Generali is among big European insurers that have placed
increasingly restrictive policies on fossil fuels and boosted
investments in cleaner energy due to climate change. Others include
Allianz SE, AXA SA and Zurich Insurance Group AG.
Last year, Generali joined the United Nations-convened Net-Zero
Asset Owner Alliance, which represents institutional investors with
more than $6.6 trillion under management that have pledged to make
their portfolios carbon neutral by 2050.
"We believe that the private sector can play a key role in
financially supporting the 'just transition' for a future with
net-zero greenhouse-gas emissions by assisting public institutions
in taking the necessary actions," Generali Group Chief Executive
Philippe Donnet said.
Write to Dieter Holger at dieter.holger@wsj.com;
@dieterholger
(END) Dow Jones Newswires
June 30, 2021 07:39 ET (11:39 GMT)
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