Fidelity pledges 50% reduction in emissions from investment portfolios by 2030

Also commits to ‘gradual exit’ from thermal coal

Fidelity International has committed to reduce CO2 emissions across its portfolio by 50% by 2030 and will introduce proprietary climate ratings to "guide this process".

The asset manager, which has total client assets of $787.1bn, also committed to phasing out exposure to the thermal coal sector in OECD countries by 2030, and by 2040 globally. The new climate ratings will use Fidelity's in-house research capabilities to assess the net-zero ambition and alignment of its investee companies, and will help establish targets for the net zero pathway of its funds. The ratings will be used in conjunction with the enhanced voting practices that the asset manager revealed earlier this year. Fidelity brings forward own net-zero goals by a decade to 2030 ...