Woodwell partner a founding member of Net Zero Asset Managers Initiative
Wellington Management commits to carbon neutral investments by 2050, carbon neutral operations by 2022
The Net Zero Asset Managers Initiative has launched with thirty founding members, including Woodwell partner Wellington Management. Members of the group manage combined portfolios totaling more than $9 trillion, and have committed to net zero emissions in their managed assets by 2050. The announcement garnered headlines from the likes of Financial Times, Wall Street Journal, and Reuters.
The Net Zero Asset Managers Commitment is an important and encouraging development, and Wellington Management’s participation is exciting.Woodwell President Dr. Philip Duffy
Wellington Management has partnered with Woodwell Climate for two years to integrate physical climate risk analyses into their investment strategies. That partnership began with America’s largest public pension fund, California Public Employees’ Retirement System (CalPERS), and expanded this year to include Canada’s largest single-profession pension plan, the Ontario Teachers’ Pension Plan.
“This work has strengthened our conviction that climate science can inform our stewardship strategy and enhance the investment decisions we make on behalf of our clients,” said incoming Wellington CEO Jean Hynes. “We strongly believe that engagement is a critical mechanism for helping companies appreciate the potential effects of the low-carbon transition on security valuations. As a large active manager, we will continue to work with companies to encourage net zero commitments and monitor their implementation.”
In addition to the carbon neutral investment commitment made by all members of the Net Zero Asset Managers Initiative, Wellington Management has pledged to achieve carbon neutral operations by 2022.
“The Net Zero Asset Managers Commitment is an important and encouraging development, and Wellington Management’s participation is exciting,” said Woodwell President Dr. Philip Duffy. “In order to limit the most harmful impacts of climate change, science indicates we must achieve carbon neutrality globally by 2050. That will require sweeping changes across all sectors, and moving trillions of dollars into net zero emissions investments is a significant step in the right direction. We also commend Wellington’s commitment to achieving carbon neutral operations by 2022. These are the kinds of actions needed to meet the urgency of the climate crisis.”