{"id":6648,"date":"2020-11-10T15:49:35","date_gmt":"2020-11-10T14:49:35","guid":{"rendered":"https:\/\/reclaimfinance.org\/site\/?p=6648"},"modified":"2023-03-03T15:00:59","modified_gmt":"2023-03-03T14:00:59","slug":"net-zero-asset-owner-alliance-2025-targets-to-be-improved","status":"publish","type":"post","link":"https:\/\/reclaimfinance.org\/site\/en\/2020\/11\/10\/net-zero-asset-owner-alliance-2025-targets-to-be-improved\/","title":{"rendered":"Net-Zero Asset Owner Alliance: 2025 targets to be improved"},"content":{"rendered":"<div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-1 nonhundred-percent-fullwidth non-hundred-percent-height-scrolling\" style=\"--awb-border-radius-top-left:0px;--awb-border-radius-top-right:0px;--awb-border-radius-bottom-right:0px;--awb-border-radius-bottom-left:0px;--awb-flex-wrap:wrap;\" ><div class=\"fusion-builder-row fusion-row\"><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-0 fusion_builder_column_1_1 1_1 fusion-one-full fusion-column-first fusion-column-last\" style=\"--awb-bg-size:cover;--awb-margin-bottom:0px;\"><div class=\"fusion-column-wrapper fusion-flex-column-wrapper-legacy\"><div class=\"fusion-text fusion-text-1\"><p style=\"text-align: justify;\"><strong><span style=\"color: #8ac56b;\">The Net-zero Asset Owner Alliance (NZAOA) gathers <span style=\"color: #8ac56b;\">30 institutio<\/span>nal investors that pledge to transition their investment portfolios to net-zero GHG emissions by 2050. The Alliance is currently setting the rules that its members will apply to set targets and report on them from 2020 to 2025. Thi<span style=\"color: #8ac56b;\">s \u00ab\u00a0<\/span><\/span><span style=\"color: #8ac56b;\"><a href=\"https:\/\/www.unepfi.org\/wordpress\/wp-content\/uploads\/2020\/10\/Alliance-Target-Setting-Protocol_Final-Consultation-Draft.1.pdf\" target=\"_blank\" rel=\"noopener noreferrer\"><u><span style=\"color: #8ac56b;\">target setting protocol<\/span><\/u><\/a><\/span><span style=\"color: #8ac56b;\">\u00a0\u00bb is <\/span><a style=\"color: #8ac56b;\" href=\"http:\/\/unepfi.org\/net-zero-alliance\/resources\/\">opened f<span style=\"color: #8ac56b;\">or <\/span><\/a><span style=\"color: #8ac56b;\"><a href=\"http:\/\/unepfi.org\/net-zero-alliance\/resources\/\" target=\"_blank\" rel=\"noopener noreferrer\"><u><span style=\"color: #8ac56b;\">public comment<\/span><\/u><\/a><\/span><span style=\"color: #8ac56b;\"><span style=\"color: #8ac56b;\"> u<\/span>ntil November 13th. <\/span><\/strong><strong style=\"color: #8ac56b;\"><span style=\"color: #8ac56b;\">Reclaim Finance analyzed the document and propose a <\/span><a href=\"https:\/\/reclaimfinance.org\/site\/wp-content\/uploads\/2020\/11\/NZAOA-consulation-RF-answers.pdf\" target=\"_blank\" rel=\"noopener noreferrer\"><u><span style=\"color: #8ac56b;\">consultation response<\/span><\/u><\/a><span style=\"color: #8ac56b;\"> to fill out the gaps it <\/span>identifies, including four major shortcomings.<\/strong><\/p>\n<p style=\"text-align: justify;\">While NZAOA members commitment, ambition and overall approach should be recognized, the Alliance&rsquo;s target setting protocol includes four major loopholes that could significantly limit the efficiency of its 2025 targets.<\/p>\n<p style=\"text-align: justify; padding-left: 40px; color: #59bc6d;\"><strong>1. <u>The NZAOA favors engagement without linking it to a clear escalation strategy that could result in divestment:<\/u><\/strong><\/p>\n<p style=\"text-align: justify;\"><strong><span class=\"TextRun Highlight SCXW71499698 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW71499698 BCX0\" style=\"color: #e5e3e3;\" data-ccp-parastyle=\"Normal (Web)\">Meaningful engagement goes hand in hand with <\/span><\/span><span class=\"TextRun Highlight SCXW71499698 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW71499698 BCX0\" style=\"color: #e5e3e3;\" data-ccp-parastyle=\"Normal (Web)\">the definition of time-bound <\/span><\/span><span class=\"TextRun Highlight SCXW71499698 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW71499698 BCX0\" style=\"color: #e5e3e3;\" data-ccp-parastyle=\"Normal (Web)\">specific demands <\/span><\/span><span class=\"TextRun Highlight SCXW71499698 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW71499698 BCX0\" style=\"color: #e5e3e3;\" data-ccp-parastyle=\"Normal (Web)\">and<\/span><\/span><span class=\"TextRun Highlight SCXW71499698 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW71499698 BCX0\" style=\"color: #e5e3e3;\" data-ccp-parastyle=\"Normal (Web)\"> \u2013 if they are not met &#8211; a<\/span><\/span><span class=\"TextRun Highlight SCXW71499698 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW71499698 BCX0\" style=\"color: #e5e3e3;\" data-ccp-parastyle=\"Normal (Web)\"> public escalation <\/span><\/span><span class=\"TextRun Highlight SCXW71499698 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW71499698 BCX0\" style=\"color: #e5e3e3;\" data-ccp-parastyle=\"Normal (Web)\">process <\/span><\/span><span class=\"TextRun SCXW71499698 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW71499698 BCX0\" style=\"color: #e5e3e3;\" data-ccp-parastyle=\"Normal (Web)\">that leads to divestment<\/span><\/span><span class=\"TextRun SCXW71499698 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW71499698 BCX0\" style=\"color: #e5e3e3;\" data-ccp-parastyle=\"Normal (Web)\"> by a precise date<\/span><\/span><\/strong><span class=\"TextRun SCXW71499698 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW71499698 BCX0\" data-ccp-parastyle=\"Normal (Web)\"><strong style=\"color: #e5e3e3;\">.<\/strong><span style=\"color: #e5e3e3;\"> NZ<\/span><\/span><\/span><span class=\"TextRun SCXW71499698 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW71499698 BCX0\" style=\"color: #e5e3e3;\" data-ccp-parastyle=\"Normal (Web)\">AOA<\/span><\/span><span class=\"TextRun SCXW71499698 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW71499698 BCX0\" style=\"color: #e5e3e3;\" data-ccp-parastyle=\"Normal (Web)\"> members cannot engage with companies without clearly <\/span><\/span><span class=\"TextRun SCXW71499698 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW71499698 BCX0\" style=\"color: #e5e3e3;\" data-ccp-parastyle=\"Normal (Web)\">stating<\/span><\/span><span class=\"TextRun SCXW71499698 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW71499698 BCX0\" style=\"color: #e5e3e3;\" data-ccp-parastyle=\"Normal (Web)\"> how and when the failure to implement their demands will ha<\/span><\/span><span class=\"TextRun SCXW71499698 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW71499698 BCX0\" style=\"color: #e5e3e3;\" data-ccp-parastyle=\"Normal (Web)\">ve consequences for the companies. <\/span><\/span><span class=\"TextRun SCXW71499698 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW71499698 BCX0\" style=\"color: #e5e3e3;\" data-ccp-parastyle=\"Normal (Web)\">If we understand that NZAOA wants to <\/span><\/span><span class=\"TextRun SCXW71499698 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW71499698 BCX0\" style=\"color: #e5e3e3;\" data-ccp-parastyle=\"Normal (Web)\">favor<\/span><\/span><span class=\"TextRun SCXW71499698 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW71499698 BCX0\" style=\"color: #e5e3e3;\" data-ccp-parastyle=\"Normal (Web)\"> engagement, <\/span><\/span><span class=\"TextRun SCXW71499698 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW71499698 BCX0\" style=\"color: #e5e3e3;\" data-ccp-parastyle=\"Normal (Web)\">it cannot adopt an \u201cengagement only\u201d strategy but should always use an<\/span><\/span> <span class=\"TextRun SCXW71499698 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW71499698 BCX0\" style=\"color: #e5e3e3;\" data-ccp-parastyle=\"Normal (Web)\">\u201cengagement<\/span><\/span><span class=\"TextRun SCXW71499698 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW71499698 BCX0\" style=\"color: #e5e3e3;\" data-ccp-parastyle=\"Normal (Web)\"> before <\/span><\/span><span class=\"TextRun SCXW71499698 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW71499698 BCX0\" data-ccp-parastyle=\"Normal (Web)\"><span style=\"color: #e5e3e3;\">d<\/span><span style=\"color: #e5e3e3;\">ivestmen<\/span><\/span><\/span><span class=\"TextRun SCXW71499698 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW71499698 BCX0\" style=\"color: #e5e3e3;\" data-ccp-parastyle=\"Normal (Web)\">t\u201d strategy<\/span><\/span><span class=\"TextRun SCXW71499698 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW71499698 BCX0\" style=\"color: #e5e3e3;\" data-ccp-parastyle=\"Normal (Web)\">.<\/span><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #e5e3e3;\">Furthermore, <\/span><strong style=\"color: #e5e3e3;\">divestment is a powerful tool that should not be sidelined<\/strong><span style=\"color: #e5e3e3;\">:<\/span><\/p>\n<ul>\n<li style=\"text-align: justify;\"><span class=\"TextRun Highlight SCXW139202478 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW139202478 BCX0\" style=\"color: #e5e3e3;\" data-ccp-parastyle=\"Normal (Web)\">Alliance members<\/span><\/span><span class=\"TextRun Highlight SCXW139202478 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW139202478 BCX0\" style=\"color: #e5e3e3;\" data-ccp-parastyle=\"Normal (Web)\"> &#8211; like all financial and economic players &#8211;<\/span><\/span> <span class=\"TextRun Highlight SCXW139202478 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW139202478 BCX0\" style=\"color: #e5e3e3;\" data-ccp-parastyle=\"Normal (Web)\">have a<\/span><\/span><span class=\"TextRun Highlight SCXW139202478 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW139202478 BCX0\" style=\"color: #e5e3e3;\" data-ccp-parastyle=\"Normal (Web)\"> responsibility in front of the climate emergency<\/span><\/span><span class=\"TextRun Highlight SCXW139202478 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW139202478 BCX0\" style=\"color: #e5e3e3;\" data-ccp-parastyle=\"Normal (Web)\"> and <\/span><\/span><span class=\"TextRun Highlight SCXW139202478 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW139202478 BCX0\" style=\"color: #e5e3e3;\" data-ccp-parastyle=\"Normal (Web)\">need to act on it. They cannot avoid action by hiding behind a \u201cit won\u2019t change anything\u00a0\u00bb argument<\/span><\/span><span class=\"TextRun Highlight SCXW139202478 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW139202478 BCX0\" style=\"color: #e5e3e3;\" data-ccp-parastyle=\"Normal (Web)\">.<\/span><\/span><span class=\"TextRun Highlight SCXW139202478 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW139202478 BCX0\" style=\"color: #e5e3e3;\" data-ccp-parastyle=\"Normal (Web)\"> NZ<\/span><\/span><span class=\"TextRun Highlight SCXW139202478 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW139202478 BCX0\" style=\"color: #e5e3e3;\" data-ccp-parastyle=\"Normal (Web)\">AOA<\/span><\/span><span class=\"TextRun Highlight SCXW139202478 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW139202478 BCX0\" style=\"color: #e5e3e3;\" data-ccp-parastyle=\"Normal (Web)\"> members are <\/span><\/span><span class=\"TextRun Highlight SCXW139202478 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW139202478 BCX0\" style=\"color: #e5e3e3;\" data-ccp-parastyle=\"Normal (Web)\">influential<\/span><\/span><span class=\"TextRun Highlight SCXW139202478 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW139202478 BCX0\" style=\"color: #e5e3e3;\" data-ccp-parastyle=\"Normal (Web)\"> and <\/span><\/span><span class=\"TextRun Highlight SCXW139202478 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW139202478 BCX0\" style=\"color: #e5e3e3;\" data-ccp-parastyle=\"Normal (Web)\">their decision matter.<\/span><\/span><\/li>\n<li style=\"text-align: justify;\"><span class=\"TextRun Highlight SCXW139202478 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW139202478 BCX0\" style=\"color: #e5e3e3;\" data-ccp-parastyle=\"Normal (Web)\">Divestment <\/span><\/span><span class=\"TextRun Highlight SCXW139202478 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW139202478 BCX0\" style=\"color: #e5e3e3;\" data-ccp-parastyle=\"Normal (Web)\">already contributed to <\/span><\/span><a href=\"https:\/\/www.iea.org\/reports\/world-energy-investment-2019\/financing-and-funding-trends\"><u><span class=\"TextRun Highlight SCXW139202478 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW139202478 BCX0\" style=\"color: #e5e3e3;\" data-ccp-parastyle=\"Normal (Web)\">increasing the <\/span><\/span><span class=\"TextRun Highlight SCXW139202478 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW139202478 BCX0\" style=\"color: #e5e3e3;\" data-ccp-parastyle=\"Normal (Web)\">cost of capital<\/span><\/span><span class=\"TextRun Highlight SCXW139202478 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW139202478 BCX0\" style=\"color: #e5e3e3;\" data-ccp-parastyle=\"Normal (Web)\"> for oil and gas companies<\/span><\/span><\/u><\/a><span class=\"TextRun Highlight SCXW139202478 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW139202478 BCX0\" style=\"color: #e5e3e3;\" data-ccp-parastyle=\"Normal (Web)\">, <\/span><\/span><span class=\"TextRun Highlight SCXW139202478 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW139202478 BCX0\" data-ccp-parastyle=\"Normal (Web)\"><span style=\"color: #e5e3e3;\">th<\/span><span style=\"color: #e5e3e3;\">us <\/span><\/span><\/span><span class=\"TextRun Highlight SCXW139202478 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW139202478 BCX0\" style=\"color: #e5e3e3;\" data-ccp-parastyle=\"Normal (Web)\">participat<\/span><\/span><span class=\"TextRun Highlight SCXW139202478 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW139202478 BCX0\" style=\"color: #e5e3e3;\" data-ccp-parastyle=\"Normal (Web)\">ing<\/span><\/span><span class=\"TextRun Highlight SCXW139202478 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW139202478 BCX0\" style=\"color: #e5e3e3;\" data-ccp-parastyle=\"Normal (Web)\"> in the <\/span><\/span><span class=\"TextRun Highlight SCXW139202478 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW139202478 BCX0\" style=\"color: #e5e3e3;\" data-ccp-parastyle=\"Normal (Web)\">shift to<\/span><\/span><span class=\"TextRun Highlight SCXW139202478 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW139202478 BCX0\" data-ccp-parastyle=\"Normal (Web)\"><span style=\"color: #e5e3e3;\"> a low carbon economy. Divestment<\/span><span style=\"color: #e5e3e3;\"> is <\/span><a href=\"https:\/\/www.goldmansachs.com\/insights\/pages\/reports\/re-imagining-big-oils-f\/re-imagining-big-oils-report-pdf.pdf\" target=\"_blank\" rel=\"noopener noreferrer\"><u><span style=\"color: #e5e3e3;\">one of the key drives <\/span><\/u><\/a><span style=\"color: #e5e3e3;\">of the move away from coal. <\/span><\/span><\/span><\/li>\n<li style=\"text-align: justify;\"><span class=\"TextRun SCXW139202478 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW139202478 BCX0\" style=\"color: #e5e3e3;\" data-ccp-parastyle=\"Normal (Web)\">Amounts<\/span><\/span><span class=\"TextRun SCXW139202478 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW139202478 BCX0\" style=\"color: #e5e3e3;\" data-ccp-parastyle=\"Normal (Web)\"> divested<\/span><\/span><span class=\"TextRun SCXW139202478 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW139202478 BCX0\" style=\"color: #e5e3e3;\" data-ccp-parastyle=\"Normal (Web)\"> from high-carbon activities could <\/span><\/span><span class=\"TextRun Highlight SCXW139202478 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW139202478 BCX0\" style=\"color: #e5e3e3;\" data-ccp-parastyle=\"Normal (Web)\">allow for <\/span><\/span><span class=\"TextRun Highlight SCXW139202478 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW139202478 BCX0\" style=\"color: #e5e3e3;\" data-ccp-parastyle=\"Normal (Web)\">increased f<\/span><\/span><span class=\"TextRun Highlight SCXW139202478 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW139202478 BCX0\" data-ccp-parastyle=\"Normal (Web)\"><span style=\"color: #e5e3e3;\">unding fo<\/span>r<\/span><\/span><span class=\"TextRun Highlight SCXW139202478 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW139202478 BCX0\" data-ccp-parastyle=\"Normal (Web)\"> climate solutions<\/span><\/span><span class=\"TextRun Highlight SCXW139202478 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW139202478 BCX0\" data-ccp-parastyle=\"Normal (Web)\">. <\/span><\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify; padding-left: 40px;\"><strong style=\"color: #59bc6d;\">2. <u>The NZAOA allows the use of unrealistic scenarios that give up on the 1.5\u00b0C target and gamble on negative emissions:<\/u><\/strong><\/p>\n<p style=\"text-align: justify;\"><span data-contrast=\"auto\">To derive reduction targets, the NZAOA looked at IPCC 1.5\u00b0C scenarios from pathway 1 to 4. Pathway 4 contains high overshoot scenarios, allowing members to s<span style=\"color: #e5e3e3;\">et a far less ambitious CO2 reduction target (-16% 2020-2025)<\/span><\/span><span style=\"color: #e5e3e3;\" data-contrast=\"auto\">. High overshoot scenarios are effectively aiming above 1.5\u00b0C, while IPCC reports have shown that the human and economic damages of global warming exceeding 1.5\u00b0C would be<\/span> <span style=\"color: #e5e3e3;\" data-contrast=\"auto\">catastrophic. <\/span><\/p>\n<p style=\"text-align: justify;\"><span data-ccp-props=\"{'201341983':0,'335559739':160,'335559740':257}\"><span style=\"color: #e5e3e3;\">Moreover, the NZAOA allows its members to complement no\/low overshoot trajectories with <\/span><span class=\"TextRun SCXW75553023 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW75553023 BCX0\" style=\"color: #e5e3e3;\">\u201cbottom-<\/span><\/span><span class=\"TextRun SCXW75553023 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW75553023 BCX0\" style=\"color: #e5e3e3;\">up<\/span><\/span><span class=\"TextRun SCXW75553023 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW75553023 BCX0\" style=\"color: #e5e3e3;\"> technology<\/span><\/span><span class=\"TextRun SCXW75553023 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW75553023 BCX0\" style=\"color: #e5e3e3;\"> development pathways from industry insight that may rely on substantial negative emissions technologies<\/span><\/span><span class=\"TextRun SCXW75553023 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW75553023 BCX0\"><span style=\"color: #e5e3e3;\">\u201d. This is particularly worrying as the mass deployment of carbon removal solutions \u2013 CDR and BECCS \u2013 is <\/span><u><span style=\"color: #e5e3e3;\">highly unlikely<\/span><\/u><span style=\"color: #e5e3e3;\"> and that the IPCC itself stressed that robust 1.5\u00b0C scenarios should not rely on this unproven assumption.<\/span><\/span><\/span><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #e5e3e3;\">To be coherent and to really respect Paris Agreement pledges, <\/span><b><span style=\"color: #e5e3e3;\" data-contrast=\"auto\">NZAOA targets should only be based on low\/no <\/span><\/b><b><span style=\"color: #e5e3e3;\" data-contrast=\"auto\">overshoot<\/span><\/b><b><span data-contrast=\"auto\"><span style=\"color: #e5e3e3;\"> scenarios (pathway 1 to 3) with low negative emissions (CDR\/BECCS). This entails that the CO2 reduction target could not be lower than 24% from 2020 to 2025 and that NZAOA members cannot rely on \u00ab\u00a0<\/span><span class=\"TextRun SCXW75553023 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW75553023 BCX0\" style=\"color: #e5e3e3;\">technology<\/span><\/span><span class=\"TextRun SCXW75553023 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW75553023 BCX0\"><span style=\"color: #e5e3e3;\"> development pathways from industry insight that may rely on substantial negative emissions technologies\u00a0\u00bb.<\/span> <\/span><\/span><\/span><\/b><span style=\"color: #e5e3e3;\">Going further, we suggest NZAOA members use scenarios with very low negative emissions (like pathway 1 IPPC scenarios).<\/span><\/p>\n<p style=\"text-align: justify; padding-left: 40px; color: #59bc6d;\"><strong>3. <u>The NZAOA does not require its members to set absolute reduction targets:<\/u><\/strong><\/p>\n<p style=\"text-align: justify;\"><span class=\"TextRun Highlight SCXW216414530 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW216414530 BCX0\" data-ccp-parastyle=\"Normal (Web)\">If<span style=\"color: #e5e3e3;\"> the NZAOA clearly states its preference<\/span><\/span><\/span> <span class=\"TextRun Highlight SCXW216414530 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW216414530 BCX0\" data-ccp-parastyle=\"Normal (Web)\"><span style=\"color: #e5e3e3;\">for absolute targets, its members are not required to set them. <\/span><strong style=\"color: #e5e3e3;\">S<\/strong><\/span><\/span><strong><span class=\"TextRun Highlight SCXW216414530 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW216414530 BCX0\" style=\"color: #e5e3e3;\" data-ccp-parastyle=\"Normal (Web)\">etting<\/span><\/span><span class=\"TextRun Highlight SCXW216414530 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW216414530 BCX0\" style=\"color: #e5e3e3;\" data-ccp-parastyle=\"Normal (Web)\"> absolute target<\/span><\/span><span class=\"TextRun Highlight SCXW216414530 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW216414530 BCX0\" style=\"color: #e5e3e3;\" data-ccp-parastyle=\"Normal (Web)\">s<\/span><\/span><span class=\"TextRun Highlight SCXW216414530 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW216414530 BCX0\" style=\"color: #e5e3e3;\" data-ccp-parastyle=\"Normal (Web)\"> should be mandatory and intensity target encouraged<\/span><\/span><span class=\"TextRun Highlight SCXW216414530 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW216414530 BCX0\" style=\"color: #e5e3e3;\" data-ccp-parastyle=\"Normal (Web)\">,<\/span><\/span><span class=\"TextRun Highlight SCXW216414530 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW216414530 BCX0\" style=\"color: #e5e3e3;\" data-ccp-parastyle=\"Normal (Web)\"> and not the opposite<\/span><\/span><span class=\"TextRun Highlight SCXW216414530 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW216414530 BCX0\" style=\"color: #e5e3e3;\" data-ccp-parastyle=\"Normal (Web)\">. <\/span><\/span><span class=\"TextRun Highlight SCXW216414530 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW216414530 BCX0\" style=\"color: #e5e3e3;\" data-ccp-parastyle=\"Normal (Web)\">Intensity targets <\/span><\/span><span class=\"TextRun Highlight SCXW216414530 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW216414530 BCX0\" style=\"color: #e5e3e3;\" data-ccp-parastyle=\"Normal (Web)\">can <\/span><\/span><span class=\"TextRun Highlight SCXW216414530 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW216414530 BCX0\" style=\"color: #e5e3e3;\" data-ccp-parastyle=\"Normal (Web)\">enable<\/span><\/span> <span class=\"TextRun Highlight SCXW216414530 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW216414530 BCX0\" style=\"color: #e5e3e3;\" data-ccp-parastyle=\"Normal (Web)\">carbon<\/span><\/span> <span class=\"TextRun Highlight SCXW216414530 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW216414530 BCX0\" style=\"color: #e5e3e3;\" data-ccp-parastyle=\"Normal (Web)\">intensive<\/span><\/span><span class=\"TextRun Highlight SCXW216414530 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW216414530 BCX0\" style=\"color: #e5e3e3;\" data-ccp-parastyle=\"Normal (Web)\"> companies &#8211; like<\/span><\/span><span class=\"TextRun Highlight SCXW216414530 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW216414530 BCX0\" style=\"color: #e5e3e3;\" data-ccp-parastyle=\"Normal (Web)\"> fossil fuel majors<\/span><\/span><span class=\"TextRun Highlight SCXW216414530 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW216414530 BCX0\" style=\"color: #e5e3e3;\" data-ccp-parastyle=\"Normal (Web)\"> &#8211;<\/span><\/span><span class=\"TextRun Highlight SCXW216414530 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW216414530 BCX0\" style=\"color: #e5e3e3;\" data-ccp-parastyle=\"Normal (Web)\"> to <\/span><\/span><span class=\"TextRun Highlight SCXW216414530 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW216414530 BCX0\" style=\"color: #e5e3e3;\" data-ccp-parastyle=\"Normal (Web)\">maintain or even increase absolute emissions.<\/span><\/span> <\/strong><span class=\"TextRun SCXW216414530 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW216414530 BCX0\" style=\"color: #e5e3e3;\" data-ccp-parastyle=\"Normal (Web)\">Total has previously reduced its emission intensity but increased its overall emissions, through an increased production of fossil fuels.<\/span><\/span><\/p>\n<p style=\"text-align: justify; padding-left: 40px;\"><strong style=\"color: #59bc6d;\">4. <u>The NZAOA says nothing about fighting anti-climate lobbying from its investee companies or interest groups:<\/u><\/strong><\/p>\n<p style=\"text-align: justify;\"><span class=\"TextRun SCXW197716817 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW197716817 BCX0\">The NAOA protocol set rules about engagement with investee companies and in the public policy sphere. However, it does not push its members to act<span style=\"color: #e5e3e3;\"> against companies that would engage in anti-climate lobbying. <\/span><\/span><\/span><\/p>\n<p style=\"text-align: justify;\"><span class=\"TextRun SCXW197716817 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW197716817 BCX0\"><strong style=\"color: #e5e3e3;\">NZAOA members should ensure that their investee companies or the lobby groups they are sitting in do not engage in anti-climate lobbying.<\/strong><span style=\"color: #e5e3e3;\"> They should pledge to divest from these companies and exit these groups if they do not cease their climate destructive lobbying, after a one-year engagement period.<\/span><\/span><\/span> <span class=\"TextRun SCXW197716817 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW197716817 BCX0\"><span style=\"color: #e5e3e3;\">The NZAOA should define key KPIs to monitor this aspect of their engagement and <\/span>policy engagement strategies.<\/span><\/span> <span class=\"TextRun SCXW197716817 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW197716817 BCX0\">To be coherent, anti-climate lobbying can be defined as any lobbying that pushes legislation to not align on pathways 1 to 3 scenarios<\/span><\/span><span class=\"TextRun SCXW197716817 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW197716817 BCX0\">. <\/span><\/span><\/p>\n<p style=\"text-align: center;\"><strong><u><span style=\"color: #8ac56b;\"><a style=\"color: #8ac56b;\" href=\"https:\/\/reclaimfinance.org\/site\/wp-content\/uploads\/2020\/11\/NZAOA-consulation-RF-answers.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">Our full contribution to the consultation<\/a><\/span><\/u><\/strong><\/p>\n<p style=\"text-align: center;\"><strong><u><span style=\"color: #8ac56b;\"><a style=\"color: #8ac56b;\" href=\"http:\/\/unepfi.org\/net-zero-alliance\/resources\/\" target=\"_blank\" rel=\"noopener noreferrer\">To participate to the consultation<\/a><\/span><\/u><\/strong><\/p>\n<\/div><div class=\"fusion-clearfix\"><\/div><\/div><\/div><\/div><\/div>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":28,"featured_media":6652,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[222],"tags":[619,733,549,729],"acteurs_financiers":[2448,2452],"thematique":[2423],"webinar_type":[],"programme":[],"class_list":["post-6648","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog_en","tag-climate-scenarios","tag-net-zero-asset-owner-alliance","tag-paris-agreement","tag-policy","acteurs_financiers-asset-owners","acteurs_financiers-gfanz-en","thematique-fossil-fuels"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.1 - 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