The global campaign has been initiated by the non-profit organisation CDP, which specializes in environmental and climate reporting. The initiative is backed by SEB Investment Management and other financial institutions that together hold almost $20 trillion in assets.
In letters sent to management, the campaign is urging the more than 1,800 companies that are responsible for some 25% of global greenhouse gas emissions to set 1.5°C science-based emissions reduction targets. It is also urging them to achieve net zero emissions by 2050 at the latest.
“To manage a transition in line with the Paris Agreement and a carbon dioxide-neutral level by 2050 at the latest, it is crucial that companies’ business models are adapted to these goals. We believe that the companies that develop their operations in line with these have better prerequisites to create long-term, sustainable value and return and thereby become more attractive for us as investors”, says Christina Wadsjö, sustainability expert at SEB Investment Management.
“This kind of cooperation is a good way to push the development in a more sustainable direction and is a clear signal regarding the need for climate ambitions from companies”, says Christina Wadsjö.
You can read more about the initiative here