Coface joins the Net-Zero Asset Owner Alliance
Coface strengthens its commitment to the environment by joining the Net-Zero Asset Owner Alliance (NZAOA) and signing the Principles for Responsible Investment (PRI) in line with the Paris Agreements aimed at limiting global warming to 1.5°C by the end of the century.
Launched in September 2019 under the auspices of the United Nations, the NZAOA is a group of international institutional investors committed to moving their investment portfolios towards carbon neutrality by 2050. The PRI is a global initiative also launched by the United Nations encouraging companies to adopt environmental issues into their investment practices.
In joining the Net-Zero Asset Owner Alliance, Coface commits to:
- Actively manage its investment portfolio by engaging the 20 main contributors to emissions to reduce their carbon footprint
- Reduce the carbon footprint of its investment portfolio by30% by 2025 and by at least 40% by 2030 (compared to 2020)1
- Demonstrate progress in financing the energy transition to the Alliance
These commitments mark a new step in the environmental strategy of Coface, which has already reviewed its credit insurance underwriting policy to exclude all new policies covering oil & gas-related activities. These exclusions are in addition to those for coal-related activities, which have already been in place for many years.
Coface also continues to support long-term ESG projects through its Single Risk insurance solutions.
"By joining the Net-Zero Asset Owner Alliance, we are reinforcing our commitment to supporting the energy transition and achieving carbon neutrality by 2050 through an intermediate decarbonization target for our investment portfolio set at -30% by 2025" comments Carole Lytton, General Secretary of Coface.
1 The commitment concerns the investment portfolio (scopes 1 and 2, scope: equities and corporate bonds).
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