ALV Allianz AG

By Dieter Holger

A coalition of some of the world's largest pension funds and insurance companies said on Monday they would achieve carbon-neutral investment portfolios by 2050 in an effort to limit global warming to no more than 1.5 degrees Celcius above preindustrial levels.

The group of 12 investors, called the Net-Zero Asset Owner Alliance, represents around $2.4 trillion in assets and includes Allianz SE (ALV.XE), Zurich Insurance Group AG (ZURN.EB) and California Public Employees' Retirement System.

Investors will "immediately start to engage" with companies in their portfolios to encourage them to lower their emissions and meet the goals of the Paris Agreement.

The United Nations and the Principles for Responsible Investment, the largest group of investors committed to sustainable finance, organized the initiative.

Write to Dieter Holger at dieter.holger@wsj.com; @dieterholger

(END) Dow Jones Newswires

September 23, 2019 08:14 ET (12:14 GMT)

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