The UK's Department for the Environment, Forestry and Rural Affairs (Defra) has opened a consultation seeking to introduce a due diligence requirement for companies whose supply chains may be contributing to deforestation.
Signatories are invited to give feedback on the Alliance 2025 Target Setting Protocol released for public consultation by the UN-convened Net-Zero Asset Owner Alliance on 13 October 2020.
The UN-convened Net-Zero Asset Owner Alliance is a group of 30 asset owners, with nearly US$5 trillion in AUM. This is an asset owner leadership group convened by the PRI and UNEP FI, established in 2019. Participating asset owners making a public, CEO-level commitment to align their portfolios with net zero by 2050, and to set intermediate targets.
The group released its draft 2025 Target Setting Protocol on 13th October. This protocol sets out the approach that participating asset owners will draw on to set individual targets. The protocol is informed by the IPCC 1.5C no and low pathways, a science-based approach and a practical asset owner perspective. The group has developed the protocol in co-ordination with other industry initiatives and experts. The protocol is primarily for use by the Net Zero Asset Owner Alliance, but can be used by and is of interest to all PRI signatory asset owners.
The target-setting protocol is the first significant effort by a group of asset owners to set a net zero target. The group welcomes review and feedback by the PRI’s signatories from around the world, including different types of asset owners. Feedback will be reviewed by the Net Zero Asset Owner Alliance to inform the final target-setting protocol, which will inform individual asset owner targets in 2021.
- The 2025 Target Setting Protocol is available for review here.
- To respond to the consultation, please complete the online form - available here.
The Protocol is open for feedback until the 13th November 2020.