This month's climate quick-fire covers the updated Net Zero Investment Framework (NZIF), how an investor has been using NZIF to set their net zero targets, along with responses to major developments including the EU 2040 target, and the UK's Spring Budget.
Here is the top news and resources from March ⤵
IIGCC releases updated Net Zero Investment Framework (NZIF 2.0) for consultation
- NZIF 2.0 aims to make life easier for investors by bringing together the wide range of resources available to them all in one place, including the guidance on private equity and infrastructure, and summaries of the latest guidance on sovereign bonds and real estate with new alignment criteria for both.
- It also summarises best practices shared by investors, collected from three years of implementation, converting them into more than 40 potential actions an investor can take.
- If you wish to respond to the consultation, please read the updated framework and respond by 24 April.
IIGCC signs letter on EU 2040 target along with over 100 others
- We signed on to a letter along with over 100 investors, business, and investor and business networks and associations urging EU leaders to endorse a greenhouse gas emissions reduction target of at least 90% by 2040.
- The letter strongly urges the Environment and Climate ministers of the European Union to adopt a robust target which will boost the resilience of the EU, ensure energy security, and enhance competitiveness.
- It argues that the target should be integrated into a “comprehensive industrial strategy” and that it should send a clear signal to business and national governments on the importance of investing in nature-based solutions and the transition to a nature positive economy.
Analysis published based on IIGCC’s Net Zero Standard for Oil & Gas
IIGCC Responds to UK Chancellor's Spring Budget
- On 6 March the Chancellor delivered his Spring Budget, and we responded by highlighting the importance of encouraging inbound investment in the UK’s green industries.
- Our Policy Director
Emily Murrell FRSA
commented: “The UK Chancellor called this “a budget for long-term growth”. However, the measures announced today do little to encourage much-needed investment in the green industries that will contribute most to the sustainable growth, competitiveness and productivity of the UK economy.”
- “If the UK is to remain an attractive hub for inward investment, the Government must do more to tackle policy barriers and promote an enabling policy environment that supports long-term investment and keeps pace in an increasingly competitive global landscape.”
IIGCC interviews AXA Investment Managers on using NZIF
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AXA Investment Managers
(AXA IM) was one of 70 investors who contributed to the development of The Net Zero Investment Framework (NZIF), which launched in March 2021. AXA IM has some of the most developed targets among investors who use NZIF – it's one of 10 asset managers using NZIF to have set all four targets.
- We spoke to
Clémence Humeau
, AXA IM’s Head of Sustainability Coordination and Governance, about how AXA IM used NZIF to move from commitments to target setting.
- She said: “We started our first target in October 2021, mostly focused on carbon intensity reduction… Then, we reviewed and worked with our teams, exploring how the commitment could be ambitious, but also practicable and credible.”
