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Calvert Research and Management

Calvert Research and Management is part of Morgan Stanley Investment Management, the asset management division of Morgan Stanley, and is headquartered in Washington, D.C. with an office in Boston. It joined the Net Zero Asset Managers Initiative on 11 December 2020 and its initial target disclosure was published on 1 November 2021.

Initial Target Disclosure: November 2021

Percentage of assets covered by the Net Zero Asset Managers Commitment Statement

69% of total AUM (USD $24.88 billion)

Information on interim target(s) covering the proportion of assets to be managed in line with net zero



Portfolio decarbonisation reference baseline

For 2019, our baseline year, performance for this target metric was 106.5 metric tons of carbon emissions per USD 1 million sales, based on the weighted average of firm-wide assets subject to our 2030 net zero target.



Portfolio decarbonisation reference target

50% reduction across targeted assets. The target metric used is the weighted average carbon intensity.

GHG scopes included:

We are using Scope 1 & 2 to determine and reach our targets of 2030 and 2050 as noted above. We will incorporate Scope 3 based on data quality and availability in the future.


Net Zero Investment Framework

Science Based Target initiative for Financial Institutions


We assessed our portfolios using the IEA NZ 2050 sectoral pathways to determine the potential CO2 reduction by 2030. We also assessed our portfolios using the IPCC “Below-1.5°C and 1.5°C-low-OC pathways”, “1.5°C-high-OS” and the combination of those two IPCC pathways.

Additional information

Proportion of AUM committed:

We are committed to a 50% reduction across the vast majority of our assets (i.e. those subject to our Net Zero commitment under management by 2030).

Calvert has chosen to include our equity and corporate fixed income portfolios in our initial group of assets to be managed toward the Net Zero goal. At this point in time, we have chosen to exclude sovereigns, green bonds, municipal bonds, private and securitized loans, and separately managed accounts (SMAs) and non-proprietary index funds. We anticipate industry metrics and methodologies will be developed around green bonds, municipal bonds and private and securitized loans and that data availability will improve. Over time, we plan to incorporate these assets into our commitment. We plan to engage with our SMA clients to confirm their Net Zero priorities.

Policy on coal and other fossil fuel investments:

Not at this time but we consider measures of assessment when reviewing issuers.

While we do have a strong internal principles-based approach on coal and fossil fuel investment and generally do not invest in these industries, at this time, our proprietary approach is not based on a prescriptive science-based target. We are currently in the process of reviewing this issue and considering how the implementation of science-based targets will support an effective and just transition of the global energy system.

Further information:

Alignment assessment and engagement: Furthermore, we are engaging or have engaged some of the companies that are among the largest contributors to Calvert’s carbon footprint. We plan to expand engagement to address the heaviest emitters in Calvert’s portfolios via both individual and collaborative engagements. In addition, we will engage solutions providers and other companies that can play an important role in the low carbon transition. We believe such actions will aid us in both reaching our targets and encouraging issuers to improve and strengthen their own carbon emission reduction goals as they commit to set Net Zero targets.

Our information is forthcoming and will be added to our website when it is ready: