Redington and Fidelity to target net-zero by 2050

Redington to align client advice with net-zero transition  

Redington, which advises on more than £500bn of assets, announced on Monday that going forward, all default clients’ advice will be aligned to reach net-zero carbon emissions by 2050 at the latest, as outlined in the Paris Agreement. The consultant will work to deliver investment advice and set strategic asset allocations for clients and sit alongside a broader, seven-point climate action plan to integrate sustainability across their businesses, including commitments to reduce and offset emissions. As part of this plan, Redington has committed to help its clients articulate their climate-related objectives and integrate three key metrics, which are carbon emissions, climate risk management, and the impact into their frameworks to help achieve their goals. The consultancy will continue to seek out attractive investment opportunities in climate solutions to the real-world transition to a net-zero emissions economy. Over the past two years, Redington claimed it has helped its clients commit £1.8bn to the development and construction of renewable energy infrastructure. The consultancy estimated this will result in a reduction of 940,000 tonnes in carbon emissions a year, which equates to removing around 186,000 cars off the road each year. Redington has also committed to sharing lessons learnt and working with peers to create a Paris-aligned industry by maintaining its culture of being open and transparent. 

Fidelity commits to cut carbon emissions in default fund

Fidelity International has committed to reducing carbon emissions within FutureWise, its default investment strategy for workplace pension schemes. The goal is to reduce to half of its current emissions by 2030, and to become net-zero by 2050 or before. Fidelity has stated it will work closely with investment partners to agree targets for the proposition of FutureWise Investments’ assets to be managed. In order to achieve these goals, Fidelity will focus on its workplace investing business and how it proposes to address sustainability risks as a platform provider, which will be reviewed and expanded as the proposition evolves. Fidelity plans to incorporate carbon metrics and ESG scores for funds on its platform within fact sheets, using independent scoring provider MSCI.