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In the news release, Barings Announces 2030 Net Zero Target for Global Operations, issued 14-Jul-2021 by Barings over PR Newswire, the photo published with the English release is incorrect, as incorrectly transmitted by PR Newswire. The complete, corrected release follows:
On track to achieve operational carbon neutrality in 2021
CHARLOTTE, N.C., July 14, 2021 /PRNewswire/ -- Barings, one of the world's leading investment managers, today announced it would achieve net zero greenhouse gas (GHG) emissions in operations by 2030, with plans to fully offset emissions beginning in 2021 and implement reduction programs over the remaining period. Barings also unveiled key steps in its roadmap to long-term sustainability.
"Helping build a sustainable future in service to our clients, colleagues and communities is core to our mission and good for the long-term growth and profitability of our business," said Mike Freno, Barings Chairman and CEO.
Barings has been committed to achieving environmental and social operational targets for many years. With this announcement, it is setting out the path to achieve net zero in its global operations by 2030.
"While we will need to utilize carbon offsets to achieve neutrality in 2021, our true focus is on changing the behaviors of our employees and partners that will allow us to achieve our net zero target," said Sarah Munday, Barings Director of Sustainability. "For instance, we intend to set an internal tax on carbon for air travel by the third quarter of this year and hope to expand that to other carbon generating areas of our business in the coming years."
Munday said Barings embraces transparency as a core value and will publish progress on its journey to Net Zero, working from a 2019 baseline of 21,688 tons of GHG overall or 10.83 tons per employee. "Only through rigorous measurement and reporting will we achieve accountability that drives real change," she said.
Other milestones on the road to reduction include moving all facilities which we manage to renewable energy sources, targeting 100% reduction in Scope 1 and 2 emissions by 2022.
Progress towards its GHG reduction targets will be tracked and communicated through annual, public reporting aligned with global reporting standards. The company's commitments were developed in coordination with parent company MassMutual, which published its Net Zero targets earlier this year, and align with Article 4.9 of the Paris Agreement. Barings is working actively to support MassMutual's climate commitments of being operational net zero by 2030 and GIA net zero by 2050.
Barings has been a signatory of the UN's Principles for Responsible Investment (PRI) since 2014, a member of Climate Action 100+ since 2019, and is a public supporter of the TCFD and member of the UN Global Compact.
These commitments expand upon the company's existing sustainability activities. For instance, Barings Global Technology and Operations team has already reduced the firm's European data center footprint by 74% and the Barings London office operates on 100% renewable energy and green gas. In addition:
You can learn more about Barings' sustainability policy and practice at https://www.barings.com/about-us/investing-responsibly/. You can view a video of Barings Director of Sustainability Sarah Munday discussing Barings' Operational Net Zero commitment at https://www.barings.com/viewpoints/the-road-to-net-zero.
About Barings
Barings is a $326+ billion* global investment manager sourcing differentiated opportunities and building long-term portfolios across public and private fixed income, real estate, and specialist equity markets. With investment professionals based in North America, Europe and Asia Pacific, the firm, a subsidiary of MassMutual, aims to serve its clients, communities and employees, and is committed to sustainable practices and responsible investment. Learn more at www.barings.com.
*Assets under management as of March 31, 2021
Contact
Cheryl Krauss, Barings, 980-417-5858, Cheryl.Krauss@barings.com
