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Fiera Capital Corporation

Fiera Capital delivers customized and multi-asset solutions across public and private market asset classes to institutional, financial intermediary and private wealth clients across North America, Europe and key markets in Asia. Fiera Capital joined the Net Zero Asset Managers Initiative in July 2021 and made its Initial Target Disclosure in November 2022.

Initial Target Disclosure: November 2022

7% of total AUM

initially committed to be managed in line with net zero

USD $9.8 billion

currently committed to be managed in line with net zero

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

Baseline(s):

2019

For public market investment strategies, each mandate’s baseline performance is determined individually based on their relevant benchmark.

Target(s):

2030

Portfolio decarbonisation reference target

• Listed equities: 55% reduction in Weighted Average Carbon Intensity (WACI) by fund relative to each fund’s relevant benchmark by 2030, from a 2019 baseline
• Listed Fixed Income strategies: 55% reduction in Weighted Average Carbon Intensity (WACI) by fund relative to each fund’s relevant benchmark by 2030, from a 2019 baseline, with a focus on their allocation to corporate bonds. As such, for each of our fixed income strategies to be managed in line with net zero, we will track our alignment and progress by focusing on the corporate allocation and only the AUM managed in corporate bonds of those strategies will therefore be officially pledged as part of this first commitment.
• Real Estate: 70% reduction in absolute financed emissions by 2030 compared to a 2019 baseline
• Infrastructure: 50% reduction in absolute financed emissions by 2030 compared to a 2019 baseline

2030

Engagement threshold target

Engagement goal ensuring 70% of covered public markets financed emissions are either net-zero, aligned with net-zero or subject to direct or collective engagement by 2025, increasing to 90% by 2030.

GHG scopes included:

For listed equity and corporate fixed income assets, our portfolio decarbonization target covers Scope 1 and 2 emissions. In future years, Scope 3 emissions will be phased in once data quality and coverage improves. For our infrastructure assets, our portfolio decarbonization target covers scope 1 and 2 emissions. Where assets have material scope 3 emissions, these are evaluated on a case-by-case basis and may be included as methodologies and data become more reliable. For our real estate assets, our portfolio decarbonization target includes scope 1 and 2 emissions, and material scope 3 emissions including downstream leased assets and embodied carbon.

Methodology:

Combined methodology

Scenario(s):

We used the IPCC special report on global warming of 1.5°C as the basis to set our target. Our approach aligns with ~7% year-on-year reduction in emissions compared to a 2019 baseline, which is consistent with a 50% global reduction in emissions by 2030. For our infrastructure strategies, we reference the IPCC special report on global warming, 1.5°C scenario, 50% reduction by 2030. The target was also informed by the Net Zero Asset Owners Alliance Target Setting Protocol Version 2 sub-portfolio target reduction requirements. For our real estate strategies, we leverage the UK Green Building Council’s NZC Buildings Framework and SBTi 1.5°C pathway.

Additional information

Proportion of AUM committed:

The carbon footprint of some of our AUM cannot currently be measured due to the absence of established methodologies or access to data. As methodologies develop and data becomes more accessible, we intend to increase the proportion of our AUM that is managed in line with Net Zero by expanding measurement and targets to other asset classes.

Policy on coal and other fossil fuel investments:

No. One of the most important measures we can take to limit global warming is to reduce emissions from fossil fuels and we recognize that market participants have a major role to play in preventing the coal sector’s expansion and supporting their exit from it. While we do not have a wide exclusion guideline on coal and other fossil fuels, exposure is monitored in order to control our risk exposure. Some of our strategies also employ negative screens to address investor-specific climate-related needs and values, such as our Fossil Fuel Free strategies, that negatively screen exposure to fossil fuel industries to limit negative contributions to climate change.

Further information:

Fiera Capital key policy documents and reports here
More information on Fiera Real Estate’s Long Income Fund target and reduction roadmap can be found here.