Societe Generale Assurances joins the Net-Zero Asset Owner Alliance and commits to reducing the carbon emissions of its investments portfolio to net-zero by 2050
Societe Generale Assurances reinforces its commitments on climate by joining the Net-Zero Asset Owner Alliance and by committing on the reduction of the carbon emissions of its investment portfolio to net-zero by 2050.
Launched in September 2019 at the United Nations Climate Action Summit, the Net-Zero Asset Owner Alliance gathers institutional investors who have committed to insure the transition of the carbon emissions of their investment’s portfolio to net-zero by 2050. The Alliance bases its action on the will to implement the Paris Agreement on Climate Change, which aims to limit the increase of global warming to 1.5°C.
Being a member of the Alliance, which is fully part of Societe Generale group Climate strategy, completes Societe Generale Assurances ambitious commitments already previously taken in favor of a responsible finance and the energetic transition, such as:
- The signature of the « Principles for Responsible Investment » (PRI) which formalizes its long-term commitment as a responsible investor;
- The reduction by at least 10% by 2025 of its global exposition to the oil and gas extraction’s sector;
- The exclusion of its direct investments, the companies whose turnover linked to non-conventional fossil fuels:
- is over 10%, for titles already held;
- is over 5%, for new investments;
- A full withdrawal from the coal industry in 2030 for EU and OECD countries, and in 2040 for the rest of the world;
- The reinforcement of the green investments (1) in the general assets. By the end of 2020, the global amount of those investments comes to EUR 2.6 billion (x3.5 compared to 2018).
“Joining the Net-Zero Asset Owner Alliance is an important step demonstrating our commitment in favor of a sustainable finance. This adhesion allows us to commit with other institutional investors to create a collective positive dynamic for the climate.” declares Mai Nguyen, Deputy Chief Executive Officer of Societe Generale Assurances in charge of Finances, Investments et Risks.
“Societe Generale Assurances has made CSR a key element of its strategy, around 3 axis : Responsible Insurer, responsible Investor and responsible Employer. The adhesion to the Net-Zero Asset Owner Alliance is fully part of our will to act quickly and concretely in favor of the climatic transition.” completes Philippe Perret, Chief Executive Officer of Societe Generale Assurances.
(1) Green bonds, thematic funds for climate and energetic transition (funds label or assimilate), projects linked to energetic transition identified in generalist funds, direct investments in infrastructures dedicated to energetic transition or renewable energies