Royal London Asset Management has announced its decision to reaffirm its membership of the Net Zero Asset Managers Initiative (NZAM). Members of the alliance are currently reviewing its new commitment statement – published following several high-profile exits from the alliance.
The deadline for signatories to review their membership of the alliance is tomorrow.
The updated commitment statement notably reduced the scope of net zero targets expected from members. References to 2050 as a target date were removed, in what the alliance defended as a reflection of “diverse jurisdictional realities and accommodate signatories from a wider range of markets”.
In a statement, RLAM – which manages £181bn – said the new commitment statement is ‘a more flexible and globally applicable foundation for climate-aligned investment’.
“While we recognise that some stakeholders may view the revised commitment statement as less prescriptive than the previous version, we believe the changes reflect an effort to create a durable, pragmatic structure that accommodates differing regulatory, contractual, and fiduciary contexts across markets”, commented Carlota Garcia-Manas, RLAM’s head of climate transition and engagement.
Explaining the decision, Garcia-Manas says RLAM will pursue what the asset manager is calling a ‘NZAM+’ strategy to ensure continuity in the firm’s long-term science-based climate targets.
“To reinforce this commitment, we will pursue an NZAM+ strategy, maintaining the ambition and integrity of our existing climate commitments even where elements of the updated NZAM framework provide greater discretion”, said Garcia-Manas.
“This approach ensures continuity in our long‑term climate objectives, which are informed by climate science, while aligning with our fiduciary, legal and client‑mandated responsibilities”, she adds.
