By Sabela Ojea

 

Prudential PLC said Friday that it plans to decarbonize its portfolio of assets held on behalf of its insurance companies, aiming for net-zero emissions by 2050.

The U.K. insurer said the actions to achieve its long-term target include a 25% reduction in carbon emissions of all shareholder and policyholder assets by 2025 and a divestment from all direct investments in companies which derive more than 30% of their income from coal.

Equities should be fully divested by the end of 2021 and fixed-income assets by the end of 2022, it said.

Jackson Financial Inc. and all of the assets it holds are excluded from this commitment, as well as unit-linked funds and assets held by joint-venture businesses, it added.

 

Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix

 

(END) Dow Jones Newswires

May 07, 2021 05:11 ET (09:11 GMT)

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