A $10.4 Trillion Investor Group Is Ratcheting Up Climate Targets

A group of investors that includes Allianz SE and the California Public Employees’ Retirement System has set itself new targets for reducing greenhouse gas emissions, amid concerns that time is running out to prevent the planet from overheating.

The United Nations-convened Net Zero Asset Owner Alliance, a group of 69 investors with $10.4 trillion of assets, now requires members to slash between 49% and 65% off their carbon footprint by the end of the decade, according to a statement on Tuesday. Crucially, the target includes so-called Scope 3 -- also known as financed emissions -- which typically make up 95% ...