HONG KONG and SHANGHAI – Ping An Insurance (Group) Company of China, Ltd., announced that the Group has joined Climate Action 100+, an investor initiative launched in 2017 to ensure the world’s largest corporate greenhouse gas emitters take necessary action on climate change.
Ping An is the first Chinese asset owner signatory to Climate Action 100+. The Group’s decision to join the initiative highlights the growing momentum in investor environmental stewardship in China and across Asia.
Currently, more than 420 investors across the world with more than USD$38 trillion in assets under management have signed on to Climate Action 100+.
Fiona Reynolds, chief executive officer (CEO) of Principles for Responsible Investment (PRI) said, “We are delighted to welcome Ping An to Climate Action 100+. As an influential long-term investor, its commitment and leadership will be vital to accelerating action on climate change in China and beyond. We look forward to working with Ping An.”
In September 2019, Ping An signed up to PRI, making it the first Chinese asset owner signatory. This marked a major milestone in the development of environmental, social and governance (ESG) and responsible investing in China.
Richard Sheng, board secretary and brand director of Ping An said, “Climate change is a global issue, and its impacts are a topic of universal concern. As a global leading integrated financial services group, Ping An has always responded proactively to business risks and operational risks arising from climate change and released the first TCFD (Task Force on Climate-related Financial Disclosures) report in China.
“By joining Climate Action 100+, we are building another significant channel to engage with companies on how to reduce greenhouse gas emissions and adopt sustainable practices. Ping An is committed to tackling climate change and pursuing sustainable development.”
Ping An is committed to continuous improvement in climate change-related risk management, as part of its “finance + technology” strategy to develop and apply technologies in different fields. Ping An is also applying artificial intelligence technologies to monitor climate change and environmental quality in China.
In recognition of the Group’s efforts and achievements, Ping An was selected for Dow Jones Sustainability Emerging Markets Index in September 2019.