Aviva partners with WWF to push for mandated net-zero planning

Aviva has entered a partnership with the World Wide Fund for Nature (WWF) to call on Westminster to require UK-regulated financial institutions to develop credible net-zero plans.

As reported by our sister title, Pensions Age, the duo have published a joint policy paper, titled Transition Plans for a Net Zero Future, which sets out five recommendations for how the UK government can further leadership on green finance and mobilise the financial sector.

Other than mandating financial institutions to develop credible net-zero plans that align with the goals of the Paris Agreement, the recommendations include advice for the Treasury to ask regulators to require financial institutions to create such plans by the end of 2022.

Additionally, the partners have called for the development of guidance on the most appropriate metrics, methodologies and specifications for transition plans.

Finally, the policy paper asked for a clear policy framework from the UK government, and for Westminster to use its role in the G7, G20 and other platforms to encourage other nations to mandate transition plans.

Aviva Group chief executive officer, Amanda Blanc, said: “We’re living in the midst of a climate change emergency and we’ve got a big responsibility to do something about it. Our new partnership with WWF will help us tackle the causes of climate change and help our customers and communities cope better with the consequences.

“We will campaign with WWF to ensure the financial sector gets its act together and makes a more significant contribution to a sustainable planet. WWF has a huge amount of expertise in this area, and I’m excited about what we’ll be able to achieve together to help lead the financial services industry to contribute more to a low-carbon future.”

WWF-UK chief executive, Tanya Steele, commented: “We know that the finance sector has a staggering climate footprint, and that simply has to change if we are to stand a chance of meeting the Paris Agreement targets of limiting global warming to 1.5 degrees centigrade. But as we look to build a greener, stable planet with a sustainable economy, the sector can also be a force for positive change.

“Aviva is already a climate-leader in the industry and demonstrates the enormous potential for our pensions and insurance in helping to tackle the environmental crisis. Together, we hope to inspire other financial institutions along this journey and to jointly call for ambitious government reform of the sector in the run-up to COP26.”

    Share Story:

Recent Stories

Podcast: The benefits of private equity in pension fund portfolios
The outbreak of the Covid-19 pandemic, in which stock markets have seen increased volatility, combined with global low interest rates has led to alternative asset classes rising in popularity. Private equity is one of the top runners in this category, and for good reason.

In this podcast, Munich Private Equity Partners Managing Director, Christopher Bär, chats to European Pensions Editor, Natalie Tuck, about the benefits private equity investments can bring to pension fund portfolios and the best approach to take.

Podcast - The power of three: Using Common Contractual Funds to improve tax outcomes for investors
Large asset owners are still investing in equities in a way where they are taxed on their income. The implication is that they get a poorer return. They need to, and can, improve this, but how?

In this podcast, AMX Head of Client and Manager Development, Aaron Overy, and AMX Product Tax Specialist, Kevin Duggan, discuss with European Pensions Editor, Natalie Tuck, about three options to help ensure good withholding tax outcomes for institutional investors.
Mitigating risk
BNP Paribas Asset Management’s head of pension solutions, Julien Halfon, discusses equity hedging with Laura Blows

Europe’s pensions challenges
Francesca Fabrizi meets Matti Leppälä, Secretary General and CEO of PensionsEurope, to discuss the key aims and objectives of the association today.