Welcome to Fidelity Australia
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Human activity, principally through the release of greenhouse gas emissions, has unequivocally lead to globally warming. Greenhouse gas emissions have continued to increase as a result of unsustainable energy use, land use and land use change, lifestyles and patterns of production and consumption. The consequences for humanity are already being felt and are likely to worsen and the risks of inaction could be devastating. To achieve net zero emissions will require a huge collaborative effort from policymakers, business, technology, investors, and civil society. Slowing the pace of climate change is therefore one of the biggest challenges that society is facing today.
Our fiduciary role is to safeguard and enhance the funds that we manage. In the context of climate change, this means:
We believe that issuers' long-term performance depends on their ability to transition their business models to align with a 1.5-degree net-zero pathway and adapt to the impacts of climate change. Therefore, as a substantial allocator of capital, we are systemically exposed to climate risks and opportunities and have a role to play in supporting businesses to transition to net zero, as well as directing capital towards climate solutions.
In 2021, FIL became a member of the Net Zero Managers Initiative (NZAMI) and published our inaugural Climate Investing Framework setting out our targets to:
We also announced a plan to phase-out exposure to unabated thermal coal by 2030 in OECD markets and 2040 globally.
A key lever to achieving our net zero emissions targets for our investment portfolios is through climate stewardship, encouraging issuers to adopt more ambitious practices to reduce emissions.