The Drax coal-fired power station near Selby, North Yorkshire, England. Warwick Sweeney / Photographer’s Choice / Getty Images Plus Thirty of the world’s largest investors, who together control $5 trillion in assets, have pledged to cut the greenhouse gas emissions of their portfolios by as much as 29 percent in five years. The investors, who include Allianz, the Church of England and the California Public Employees’ Retirement System, are all part of the UN convened Net-Zero Asset Owner Alliance . The group formed in 2019 with the goal of reducing the emissions of their investment portfolios to net zero by 2050 and limiting global warming to 1.5 degrees Celsius above pre-industrial levels. On the road to that goal, the group announced their 2025 Target Setting Protocol Tuesday, which includes the goal to reduce emissions across members’ portfolios by 16 to 29 percent of 2019 levels by 2025. “According to the UNEP Emissions Gap Report, every year of postponed emissions peak means that deeper and faster cuts will be required,” UN Environment Programme Finance Initiative leader Eric Usher said in a press release . “The Target-Setting Protocol represents world-leading progress on the required emissions reductions from some of the biggest […]

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