, the world\u2019s largest asset managers and NZAMI signatories, are missing from this group target release. Together, the two finance behemoths manage over $17 trillion in assets, an amount that so far remains unaffected by concrete emissions reduction targets. <\/span><\/li>\n<\/ul>\n\nLara Cuvelier, Campaigner, Reclaim Finance:<\/b> \u00ab\u00a0These interim targets are a dangerous distraction from the key issue of ending financial support for companies expanding fossil fuel production. This should be the top item in financial institutions’ in-trays on the first day of COP26. While the NZAMI has now clearly set out the expectation that members should adopt fossil fuel phase out policies, it authorizes them to apply these policies only to a small portion of their assets (2) and leaves room for new coal plants (3). There is also no deadline for its members to publish these policies. We are seeing asset managers making \u201cnet zero\u201d pledges that will affect only a fraction of their AUM, while ignoring the elephant in the room – the most carbon-intensive sectors, including the fossil fuel industry. The NZAMI network partners need to set out a clear menu for action, instead of a large buffet that each AM can pick and choose from at will.\u00a0\u00bb<\/em><\/span><\/p>\n<\/blockquote>\n\nAmanda Starbuck, Program Director, The Sunrise Project: <\/b>\u00ab\u00a0It is unacceptable that 65% of assets managed by the NZAMI are not aligned with the group\u2019s emission targets. The IPCC has made it very clear that our window for limiting global warming to 1.5 degrees is closing rapidly. Yet, this initiative is delaying crucial action, allowing two-thirds of signatories\u2019 assets to drive further fossil fuel expansion past this decade. This flies in the face of the IEA\u2019s phase-out logic and is a concerning testament to the lack of ambition and coherence of the group\u2019s target setting. BlackRock and Vanguard, who were missing in action at today\u2019s release, now need to make up for their lack of leadership by setting targets that follow the example of Storebrand and the other asset managers who committed to align their entire portfolios with emission targets. Anything below 100% of assets on track to reach zero emissions by 2050 will make all previous sustainability rhetoric ring hollow. BlackRock as a self-proclaimed climate leader cannot credibly claim to be adding any value to global attempts to mitigate this escalating crisis without significantly reducing its support for climate destructive industries.\u00a0\u00bb<\/em>
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