Macquarie Asset Management (Macquarie) has joined the Net Zero Asset Managers initiative to build on its commitment to climate change leadership.

The announcement is in line with the pledge it made in December last year, to invest and manage its portfolio in line with global net zero emissions by 2040 – ten years ahead of the targets published in the Paris Climate Change Agreement.

The Net Zero Asset Managers initiative consists of 73 international asset managers, representing $32 trillion of assets under management, supporting the goal of net zero greenhouse gas emissions by 2050 or sooner. It is designed to mobilise the investment community to help in the fight against climate change.

The initiative provides a framework for members to enhance engagement with clients, set targets for assets to be managed in line with net zero pathways, strengthen corporate engagement and stewardship, and advocate on climate and environmental policy.

It is managed by six founding partner investor networks, including Ceres, Institutional Investors Group on Climate Change and the UN supported Principles for Responsible Investment of which Macquarie Asset Management is an active member.

Macquarie’s participation will enable the firm to partner with other investors to learn how it can enhance the implementation of its net zero strategy, share best practice, and drive more coordinated action to deliver the goals of the Paris Agreement.

Ben Way, incoming group head of Macquarie Asset Management, said: “Last year we reconfirmed our commitment to tackling climate change by announcing we would manage our portfolio in line with global net zero emissions by 2040. Today, we are proud to continue this journey as we join the Net Zero Asset Managers initiative to work with our industry colleagues to accelerate the transition to a low carbon future. We recognise the need for action is urgent. As a global asset manager, we have a responsibility and opportunity to invest to deliver positive and sustainable impact for everyone.”