By Michael Dabaie
Prudential Financial Inc. said it would begin restricting new direct investments in companies that derive 25% or more of their revenues from thermal coal.
The financial-services company and investment manager said that is part of its plans to assess Scope 3 emissions, including those related to its owned assets within its $460 billion General Account portfolio. Scope 3 emissions are the result of activities from assets not owned or controlled by a company.
Prudential said it is committing to achieve net zero emissions across its primary domestic and international home office operations by 2050. The company said it is setting an interim goal to become carbon neutral by 2040.
Prudential said it would reduce home office operational emissions by consolidating its real-estate footprint, investing in energy-efficient capital improvements for owned properties, and purchasing renewable energy and will use carbon removal strategies to eliminate its remaining carbon footprint.
Write to Michael Dabaie at michael.dabaie@wsj.com
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November 01, 2021 at 10:29PM
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