New Zealand's Organisation for Optimal Agriculture (NZAOA) celebrates its fifth year amidst a decrease in funded greenhouse gas emissions.
The Net-Zero Asset Owner Alliance (NZAOA), a global federation of 88 asset owners with a combined $9.5 trillion in assets, has announced significant progress in its efforts to combat climate change.
During New York Climate Week, the alliance revealed that its investments in climate solutions have increased from 4% to 6% of their total portfolios over the past year, representing $555bn in 2024. This growth reflects heightened ambition among its members and marks a steady decline in financed emissions since 2018, with cumulative reductions reaching 31% from the 2018 base year.
The NZAOA's efforts reflect its commitment to achieving the Paris Agreement targets of net-zero emissions by 2050. Since 2019, the alliance has achieved cumulative reductions of 24% in financed emissions from the 2019 base year.
The alliance's fourth Progress Report, due for release in October, will provide a comprehensive update on its progress. According to the announcement, the report will cover the alliance's achievements, challenges, and future plans.
In addition to increased investments, the NZAOA has also launched a Call to Action. This call urges governments to introduce systemic interventions, equitable carbon pricing mechanisms, and clear policy frameworks. The call does not specify a timeline for the implementation of these government interventions.
Günther Thallinger, chair of NZAOA and board member at Allianz SE, emphasized the urgency of further action to combat climate change. He stated that it's not too late to act and transform the global economy to meet the Paris Agreement targets. However, current policies put the world on track for 2.4°C to 2.6°C of global warming by the end of the century, according to Thallinger.
The NZAOA's Call to Action aims to support the phase-out of coal-fired power and boost alternative energy sources. Eighty-one out of the 88 members of the alliance have reported intermediate targets, covering 98% of the alliance's assets under management.
However, the search results do not provide specific information about the eighteen members of the federation who have set intermediate targets for their shares, nor the proportion of total assets under federal management related to these targets.
The reductions made by the NZAOA align with the 1.5°C pathway outlined by the Intergovernmental Panel on Climate Change (IPCC). The alliance's progress was announced ahead of its full fourth Progress Report.
In conclusion, the Net-Zero Asset Owner Alliance is making significant strides in its mission to combat climate change and transform the global economy. The alliance's increased investments, Call to Action, and commitment to the Paris Agreement targets demonstrate its determination to play a crucial role in the fight against climate change. The full fourth Progress Report, due in October, will provide further insights into the alliance's progress and future plans.
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