UN’s Net-Zero Alliance releases ambitious protocol to halve emissions by 2030
![UN's Net-Zero Alliance releases ambitious protocol to halve emissions by 2030](https://sustainabilityeconomicsnews.com/wp-content/uploads/2024/04/A-9.webp)
The UN-led Net-Zero Asset Owner Alliance launches the fourth edition of its Target-Setting Protocol. Covering most major asset classes for the first time, it will guide emission reduction efforts over the next five years, aiming to halve emissions by 2030.
This updated protocol will be a continuously updated document, reflecting evolving methodologies, but with revisions occurring no more than once a year.
The protocol underscores its members’ commitment to achieving net zero greenhouse gas emissions by 2050, aligning with 1.5°C pathways and aiming to minimize overshoot.
Members are pledging to reduce greenhouse gas emissions by 40% to 60% by 2030 compared to 2019, as estimates from the IPCC Sixth Assessment Report suggest.
Also read: Japan sets sights on ambitious renewable energy targets by 2040
The new protocol now includes additional private assets such as private debt funds, directly held private debt, directly held real estate debt funds, and residential mortgage loans.
This expansion ensures that all private assets are covered, obligating high-emission companies to develop transition plans regardless of ownership structure.
With increased climate scrutiny on large publicly traded firms, some may sell polluting assets in the less transparent private market. A unified approach to listed and non-listed ownership structures is crucial to address this risk.
As per the Alliance, members will begin implementing decarbonization strategies across nearly all investment portfolios starting this year, a vital step in fulfilling their climate commitments.
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