Top asset owners commit to big carbon emissions cuts

Group with total portfolio of $5tn seek cuts of 29% from companies they invest in

Thirty of the world's largest asset owners, with portfolios worth a combined $5tn (3.8tn), have committed to cutting the carbon emissions linked to companies they invest in by up to 29% within the next four years.

Members of the UN-backed Net-Zero Asset Owner Alliance - which includes Aviva, the Church of England and the $400bn US fund CalPERS - will each set decarbonisation targets for 2025 as part of wider efforts to align their portfolios with the Paris climate goals and achieve net-zero emissions by 2050.