We are aligned with the global imperative of decarbonization and have set an ambition to achieve net zero across all our assets under management by 2050.
To ensure that our portfolio aligns with climate action best practices, we made a commitment to reach net-zero emissions by 2050 or sooner across all assets under management.
We have published our 2030 interim target, setting out our commitment to reduce emissions by 2030 across $147 billion (approximately one-third) of our assets under management with the ambition to reach 100% AUM coverage over time. Since publishing our interim target in 2022, AUM for our business has grown nearly $190 billion, of which we are adding $54 billion of assets to our NZAM interim target. As a result, our in-scope assets in our interim target will rise to $201 billion or approximately 34% of AUM.
Over the past 25 years, Brookfield has built one of the largest private renewable power businesses in the world. With installed renewable generating capacity of 25 GW, we now produce more than enough green energy to power London, U.K. and we aim to double that capacity by 2030.
Brookfield intends to build on this leading position in renewable power and do much more to contribute to the transition to net zero. For additional details on our net-zero strategy, please refer to our 2022 Sustainability Report.
We Will Help Accelerate the Transition to Net Zero
We will catalyze companies onto net-zero pathways aligned with the Paris Agreement through our global transition investment strategy, focusing specifically on investments that will accelerate the transition to a net-zero carbon economy.
We Will Collaborate
We will work with leading private-sector initiatives to advance the role of finance in supporting the economy-wide transition, to accelerate capital flows consistent with the Paris Agreement and to promote widespread adoption of decision-useful methodologies to support credible transition planning, analysis and investing.
We Are Committed to Transparency
- We will track and report GHG emissions consistent with GHG Protocol and PCAF standards.
- We will publish decarbonization plans every five years consistent with the Paris Agreement.
- We continue to align our business with the TCFD recommendations and have published our inaugural TCFD disclosures in our 2022 Sustainability Report.
We Will Continue to Pursue Industry-Leading Returns
We will continue to pursue industry-leading returns for our investors, consistent with our long track record of building the backbone of a more sustainable global economy.