alongside 86 of the world’s asset managers, collectively managing over $37 trillion
Quinbrook Infrastructure Partners (“Quinbrook”) is proud to announce its commitment to the Net Zero Asset Managers (“NZAM”) initiative, supporting the goal of net zero greenhouse gas (“GHG”) emissions by 2050, in line with global efforts to limit warming to 1.5°C.
As a specialist low carbon and renewable power investor, Quinbrook’s portfolio of renewable generation, storage and grid stability assets is already delivering significant emissions avoidance and by joining this initiative to collaborate with others in the asset management industry, Quinbrook affirms its commitment to continue building new infrastructure assets contributing to the achievement of net zero targets.
Quinbrook seeks to deliver against this commitment through the creation of new renewable power supply and energy storage assets, the provision of new grid stability and flexibility infrastructure and services and through the creation and growth of related businesses that it believes will lead innovation and accelerate the energy transition. Collectively, these efforts will aim to directly avoid emissions while providing more sustainable, reliable, secure and dispatchable low and zero carbon energy to industry and communities.
Quinbrook joins 86 of the world’s asset managers in NZAM, promising to work with clients to reach net zero emissions by 2050 or sooner and to set 2030 emissions reduction targets; a clear sign that the global movement for a net-zero emissions economy is growing stronger and more determined.
Launched in December 2020 with 30 signatories, Quinbrook’s commitment takes the NZAM global initiative to 87 signatories with nearly $37 trillion in combined assets under management, representing nearly 40 percent of the total assets under management across the globe.
The number of signatories has nearly tripled and the total assets under management have quadrupled since the launch. Alongside Quinbrook, new signatories include: Russell Investments, State Street Global Advisors and Trillium Asset Management. The initiative is boosted by the U.S. administration mobilizing world leaders on April 22-23 for the Leaders Summit on Climate to galvanize efforts by major economies to scale action on the climate crisis.
Through the initiative, Quinbrook commits to set interim targets for 2030, consistent with a fair share of the 50% global reduction in emissions identified as a requirement in the IPCC special report to limit increase in global temperatures to no more than 1.5°C.
As a signatory, Quinbrook also commits to transparent and rigorous accountability, annually reporting progress against the Task Force for Climate-related Financial Disclosures (TCFD) recommendations, including implementing a climate action plan and ensuring their plans are based on a robust methodology, consistent with the Race to Zero campaign criteria, and action is being taken in line with the commitments.
The Net Zero Asset Managers initiative is managed globally by six founding partner investor networks: Asia Investor Group on Climate Change (AIGCC), CDP, Ceres, Investor Group on Climate Change (IGCC), Institutional Investors Group on Climate Change (IIGCC) and Principles for Responsible Investment (PRI). In turn, the initiative is endorsed by The Investor Agenda, of which the investor networks are all founding partners, along with the United Nations Environment Programme Finance Initiative (UNEP FI).
The Net Zero Asset Managers initiative is accredited by the United Nations Framework Convention on Climate Change (UNFCCC) Race to Zero campaign.
John Kerry, U.S. Special Presidential Envoy for Climate, said: “The largest financial players in the world recognize energy transition represents a vast commercial opportunity as well as a planetary imperative. As countries around the world move to decarbonize, the large sums these institutions are dedicating to climate solutions reflect a growing understanding that the transition to a low-carbon global economy will be critical for their business models. To be credible and effective as market signals, these financial commitments should adhere to clear definitions, metrics, and reporting. Ultimately, the transition to this new economy will create a massive number of new jobs and increase our collective ability to tackle climate change.”
Mindy Lubber, Ceres CEO and President, said: “The accelerating growth of the Net Zero Asset Managers initiative signals a great awakening in the finance sector. The largest financial leaders in the world are increasingly embracing the inescapable reality that climate change is a systemic risk. We know investments impact climate change just as climate change impacts investments. That’s why we welcome this new wave of commitments from the largest asset managers in the world -- all of whom are joining this ambitious movement of real action in the U.S. and around the globe.”
David Scaysbrook, Co-Founder and Managing Partner, Quinbrook Infrastructure Partners, said: “Quinbrook is pleased to join such a powerful collective that can bring about impactful and accelerated change. Our firm was established for the very purpose of tackling the ‘net zero’ challenge we all face so it’s only fitting that we make this pledge to continue to expand our impact and play our part.”
Michelle Seitz, Chairman and CEO of Russell Investments, said: “At Russell Investments, responsible investing is a core component of our investment approach. Climate change, along with the risk it poses to the value of our investors’ portfolios, is a challenge that our industry needs to tackle. And the time to act is now. As fiduciaries and responsible stewards of our clients’ capital, we're fully committed to collaborating with investment managers, peers, and policymakers on this journey to net zero.”
Bob Smith, President and CIO of Sage Advisory, said: “What we do in the next decade to limit emissions will be critical to the future, which is why every country, sector, industry, and each one of us must work together to find ways to cut the carbon we produce. Sage is committed to this initiative and looks forward to partnering with other like-minded organizations in our effort to achieve global net zero emissions.”
Emma Herd, Chief Executive Officer of the Investor Group on Climate Change, said: “The continued growth of the Net Zero Asset Managers initiative is a reflection of the rapid shift occurring in capital markets towards the net zero emissions transition.
In particular, we welcome Quinbrook Infrastructure Partners as one of the latest signatories to the initiative and look forward to more commitments emerging from Australia and New Zealand in coming months.”
About the Net Zero Asset Managers initiative
The Net Zero Asset Managers initiative is a group of international asset managers committed to supporting the goal of net zero greenhouse gas emissions by 2050 or sooner, in line with global efforts to limit warming to 1.5°C; and to supporting investing aligned with net zero emissions by 2050 or sooner. The initiative is managed globally by six founding partners: Asia Investor Group on Climate Change (AIGCC), CDP, Ceres, Investor Group on Climate Change (IGCC), Institutional Investors Group on Climate Change (IIGCC) and Principles for Responsible Investment (PRI). The initiative is also endorsed by The Investor Agenda, of which the investor networks are all founding partners. For further information, please visit www.netzeroassetmanagers.org.