Our climate ambition

The climate crisis represents the greatest long-term threat to life on our planet and societies. We must be active, ambitious and impactful in the face of climate change to shape a better future.

That’s why our ambition is to become a net zero emissions asset manager by 2040*. This won’t be easy, but we believe the impact and consequences of not acting are far more damaging that the transition to a more sustainable economy.

"The looming climate crisis needs action to reposition economies and societies on a more sustainable footing. We support the commitments set out in the Paris Agreement and believe mitigation of, and adaptation to, climate change is essential to safeguard our clients’ investments." - Mark Versey, Chief Executive Officer

*This will cover all asset classes and investment funds that we manage on behalf of Aviva. Third-party clients are invited to express a preference as to whether they would like the Aviva climate commitment to apply to their portfolio. Customers in collective investment funds will be consulted in line with regulatory requirements.

We are proud to be members of the Net Zero Asset Managers initiative (NZAM) and the Glasgow Financial Alliance for Net Zero (GFANZ) as part of the Race to Zero.

Our climate goals

Climate change is the biggest global systemic risk of our time as well as the biggest market failure in history1. We must act because it is in the best interests of our clients as well as the integrity of the market. We must act because we have the power to do so and it is the right thing for the planet and all life in it.

Net zero carbon

Net zero carbon emissions company by 2040, covering Scope 1, 2 and 3 emissions, and from our own operations and supply chain by 2030

Cut carbon intensity

Cut carbon intensity of our assets by 25% by 2025 and 60% by 2030

Climate engagement

Climate engagement escalation programme in 2021, starting with 30 systemically important carbon emitters

Green assets

Invest £2.5 billion in low carbon and renewable energy infrastructure buildings by 2025

Sustainable lending

Deliver £1 billion of climate transition-focused sustainable loans by 2025

Nature-based carbon removal

Invest £100 mill in nature-based carbon removals by 2030

Divest coal

Divest coal (at 5% revenue threshold by the end of 2022) unless companies commit to Science-Based Targets

Science-Based Targets

Align to the Science- Based Targets methodology (1.5 degrees) for investments, operations and supply chain

Shaping the climate debate in a critical year for our planet

2021 presents opportunities for the big, bold change needed to address the climate crisis. With the postponed COP26 UN climate summit due to take place in November, in addition to major, international focal points including the G7, G20, and UN General Assembly, among others.

As the international community still lacks a comprehensive finance strategy for the Paris Agreement, Aviva has been convening a multi-stakeholder coalition of organisations to call for the creation of an International Platform for Climate Finance (IPCF). This new platform will aim to harness the financial system in support of global climate goals, so that the financial sector changes to support the wider economic transition needed for net zero.

See change in action

Climate change is the biggest systemic challenge of our time. Discover how we're approaching climate action and supporting the transition to a low-carbon and climate-resilient world.

Key milestones through a history of climate action

We have been at the forefront of climate action for decades. Our micro-stewardship centres on our investments. We use our shareholder voice to actively engage and support companies in changing corporate behaviours. At a macro level, we have a long history of involvement on climate change policy, engaging with policymakers, global governance bodies and regulators to correct market failures and bring about transformational change.

Ranked 2nd globally

Ranked number 2 by ShareAction for voting on climate and social issues. Supported 98% of shareholder resolutions in 2020.

Climate in policies since 2001

Aviva Investors included climate change in its voting policy in 2001 and became founding signatories of the UN Principles for Responsible Investment (UN PRI) in 2006.

Ultimate sanction

Recently announced Aviva Investors will use the 'ultimate sanction' and divest from 30 of the world’s largest oil, gas, mining and utilities companies unless they do more to tackle climate change.

4,100 tCO2e of avoided emissions

Since 2017, energy saving programmes in real estate delivered £2.1m in avoided costs for customers (occupiers), 4,100 tCO2e of avoided emissions and has contributed to an 18% energy intensity reduction during the COVID-19 crisis.

Climate Transition strategy

Launch of our first Climate Transition investment strategy in 2019, leveraging a proprietary climate model to assess climate transition risks across 159 sub-industries.

Over £5bn invested since 2015

Over £5bn invested since 2015 in solar, wind, energy centres and energy from-waste, reaching 730 mega-watts of low-carbon and renewable energy generation capacity in 2020, enough to power one million homes.

Paris Agreement

Harnessing the power of COP to bring about transformational change. Aviva Investors was present at the signing of the Paris Agreement in 2015. Ahead of COP26, Aviva investors is calling for an International Platform for Climate Finance, a new mechanism to mobilise capital to tackle climate change.

Partnering to drive change

Partnering to drive change through IIGCC and Climate Action 100+, TCFD, CDP, and the Net Zero Asset Managers Initiative.

Policy and industry leadership

Driving better corporate climate disclosures through CDP, of which Aviva Investors hosted the first ever meeting in 2000 and through TCFD, where Aviva Investors were asked to join the FSB TCFD Taskforce in 2015.

Turning talk into action: ESG webcast series

Introducing 'Turning talk into action', a series of thought-provoking webcasts debating the biggest ESG issues with leading experts committed to change. Climate topics include TCFD and portfolio reporting requirements, the transition to net zero in real assets, investing to best support the transition to a low-carbon world, and others.

Find out more
Turning talk into action logo

Climate views

Play your part: Investing to support the climate transition

Today, the climate investment landscape is a veritable mixed bag of active and passive approaches covering a broad spectrum of investment universes and objectives. In this paper, we explore some of the pitfalls of first-generation climate strategies, the meaning of Paris or net zero aligned investments, and the benefits of adopting a holistic approach to climate change investing with a focus on science-based targets.

Download whitepaper
Person in boat on land marred by drought

Read more about Aviva's climate goals. Explore a glossary and definitions of terms on Aviva’s climate goals.

The Glasgow Financial Alliance for Net Zero (GFANZ) brings together net zero alliances from across  the finance sector as part of the Race to Zero. We are also proud to support Aviva’s leading role in GFANZ through our Group CEO Amanda Blanc, who is part of the GFANZ Principals Group.

Find out more information about the Net Zero Asset Managers initiative (NZAM) and Race to Zero.

References

1. The Economics of Climate Change: The Stern Review is a landmark study that was published on 30 October 2006.

Note: ESG and Climate related engagement, goals and exclusions can vary at the investment strategy and portfolio level depending upon country, jurisdiction and individual client needs.