The two largest U.S. fund firms will now account for roughly half of the $32 trillion of total assets supporting the initiative of groups including the Institutional Investors Group on Climate Change in Europe and the United Nations-backed Principles for Responsible Investment.
Signatories to the Net Zero Asset Managers? Initiative, now 73 of them including other new members, commit to press companies in their portfolios to achieve net zero emissions by 2050 or sooner. That is needed to halt global warming to well below a 2 degrees C increase as called for in the Paris Agreement, which U.S. President Joe Biden recently re-joined.
Net zero refers to a balance between emissions produced and those taken out of the atmosphere through technologies like carbon capture.
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