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    Fidelity Accelerates Net-Zero Timeline

    Stockholm (NordSIP) – Since the start of the year asset managers have rushed to adopt and implement new net-zero goals and guidelines, including Jupiter Fund Management, Handelsbanken, Nordea and Nordic pension funds AP2, PKA and PensionDanmark. Now, Fidelity International has joined the fray by announcing it will accelerate its commitment to reduce company-wide operational carbon emissions to net-zero to 2030 – ten years ahead of its previous goal of 2040.

    The new goal was set out as part of Fidelity’s Corporate Sustainability Report and adds to other net-zero initiatives previously announced including a commitment to investing aligned with net-zero emissions on or before 2050 as part of the Net Zero Asset Manager initiative, of which Fidelity is a founding signatory. The new deadline is to be achieved through operational improvements in the energy efficiency of Fidelity’s offices, responsible business travel and the use of renewable energy.

    “When we first set out net-zero target in 2020, our goal was to deliver real and measurable emission reductions rather than simply offsetting the carbon we use, and we believed we could achieve this by 2040,” Paras Anand, CIO for Asia Pacific and sponsor of Fidelity’s Corporate Sustainability Committee, explains. “We’ve worked hard in the last year to improve the data on our carbon emissions in all the locations we operate in globally, and that has given us the confidence that we can be more ambitious in our target. We believe that this sort of continuous improvement is vital to ensure that we are placing our impact on the environment as key consideration in our overall business strategy,” Anand continues.

    Fidelity has also committed to a range of other sustainability goals for 2024, including a 25% reduction in energy consumption, a 25% waste reduction and an 80% increase in its recycling rate in comparison to 2019 levels. By 2024, 35% of global senior management roles should be held by women and 45% of global workforce should also be female. Moreover, as part of buying responsibly from our suppliers, Fidelity will apply ESG monitoring for 90% of its high-risk suppliers and 95% of tenders will include at least one diverse supplier, by 2024.

    “The last 18 months of the pandemic has seen us pivot our entire business to allow for working from home across all our 27 locations globally while still delivering on our strategic priorities. What we have learned is that we can be more ambitious and do far more than we ever imagined was possible, even during a pandemic,” says Anne Richards, CEO at Fidelity International.

    “Our aim is to apply that same thinking to the climate challenge and sustainability issues more broadly and I am delighted that we have been able to bring forward our net-zero ambition and progress in a range of other areas from supply chain management to diversity and inclusion,” Richards concludes.

     

    Picture andreyyalansky19 via Twenty20

    Filipe Albuquerque
    Filipe is an economist with 8 years of experience in macroeconomic and financial analysis for the Economist Intelligence Unit, the UN World Institute for Development Economic Research, the Stockholm School of Economics and the School of Oriental and African Studies. Filipe holds a MSc in European Political Economy from the LSE and a MSc in Economics from the University of London, where he currently is a PhD candidate.

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