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Cardano is a privately-owned investment management and advisory business with offices in the United Kingdom and the Netherlands. It joined the Net Zero Asset Managers Initiative on 29 March 2021 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

100% of total AUM (USD $45 billion)

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





Portfolio decarbonisation reference target

50% global emissions reduction (which includes 30% emissions reduction for emerging markets). We measure our portfolio financed emissions per pound invested, based on enterprise value including cash (EVIC).

GHG scopes included:

We will measure our Scope 1 & 2 emissions across our portfolios.


Net Zero Investment Framework


We are undertaking scenario analysis across 1.5, 2 and 3°C scenarios. MSCI is our data provider. A 1.5°C degrees Paris-aligned transition – this is our goal, how we direct our capital and how we engage. This assumes measures are taken that will keep the rise in temperature limited to 1.5°C. In MSCI, the scenario is, AIM CGE 1.5°C scenario, with physical risk average.

Additional information

Proportion of AUM committed:

Cardano also provides investment advisory services and has £45bn AUA. For AUA our default position is net zero, but ultimately it is at the client’s discretion. We are a signatory to the Net Zero Investment Consultants Initiative with respect to these services.

Policy on coal and other fossil fuel investments:

No, however, we do exclude direct commodity investment in fossil fuels.

Further information:

Target setting: Climate justice is critical to the success of the Paris climate agreement. For government bonds, we favour CO2e per capita for carbon footprinting. In addition, we look at historical emissions, ‘fair share’ carbon budgets, and how emissions will evolve over time. For LDI portfolios in both UK and NL, where we invest in government debt, we are reliant on the government meeting its net zero target (we are engaging governments and regulators on net zero). We have reviewed data sets provided by Climate Action Tracker (which, in turn, sets out a number of methodologies for calculating fair share), the IEA 1.5°C report, and the IPCC data sets. We believe that countries with historically higher emissions (which tend to be developed markets) should decarbonise more rapidly than countries with historically lower emissions (which tend to be emerging markets). our-plan-to-address-the-climate-crisis/