Ping An becomes latest signatory to Climate Action 100+
Investor initiative is aimed at enabling corporations to take action on climate change
Chinese finance and fintech conglomerate Ping An has taken another step towards tackling climate change and pursuing sustainable development.
The Shenzhen-based company recently announced that it had joined Climate Action 100+, an investor initiative launched in 2017 to ensure the world's largest corporate greenhouse gas emitters take essential action on climate change.
The latest move follows Ping An’s inclusion last September in the 2019 Dow Jones Sustainability Emerging Markets Index (DJSI), which made Ping An the first insurance company from China to be selected in the index.
The DJSI is among the longest-running global sustainability benchmarks worldwide and has become a key reference point in sustainability investing for investors and companies alike.
The firm’s decision to join the initiative highlights the growing momentum in investor environmental stewardship in China and across Asia.
Ping An’s sustainable development model is focused on the group’s business ethics, the environmental impact of the rapidly expanding business, and its social impact. In June 2019, the firm said in its half-year report it was turning its focus to sustainable development and embedding it as a core strategy of the group.
“Climate change is a global issue, and its impacts are a topic of universal concern. As a global leading integrated financial services group, Ping An has always responded proactively to business risks and operational risks arising from climate change and released the first Task Force on Climate-related Financial Disclosures report in China,” says Richard Sheng, board secretary and brand director of Ping An.
“By joining Climate Action 100+, we are building another significant channel to engage with companies on how to reduce greenhouse gas emissions and adopt sustainable practices,” Sheng adds.
Currently, more than 420 investors across the world with more than US$38 trillion in assets under management have signed on to Climate Action 100+.
An Asia advisory group at Climate Action 100+ was established to provide strategic insight on Asian markets. The group assists with fostering greater understanding of cultural sensitivities and specific engagement nuances in local markets.
Among its members is Hiro Mizuno, executive managing director and CIO, Government Pension Investment Fund of Japan, the world’s largest pension fund. Mizuno is a well-known and highly visible campaigner for growing ESG and sustainable investing.
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