Jupiter Asset Management
Jupiter Asset Management is a UK fund and asset management group headquartered in London. It joined the Net Zero Asset Managers Initiative on 29 March 2021 and its initial target disclosure was published on 1 November 2021.
Percentage of assets covered by the Net Zero Asset Managers Commitment Statement
41.6% of total AUM (USD $81.8 billion)
Information on interim target(s) covering the proportion of assets to be managed in line with net zero
Baseline(s):
Portfolio decarbonisation reference baseline
47.7 tCO2e/$mn invested (Scope 1 & 2)
Target(s):
Portfolio decarbonisation reference target
Emissions Intensity of AUM within target reduced by 50% by 2030. In line with the requirements of the Paris Aligned Investment Initiative’s Net Zero Investment Framework we will be setting asset alignment targets. Our intention is to publish these targets for our individual investment strategies and to disclose these in Jupiter’s 2021 Stewardship Report (published in April 2022).
GHG scopes included:
Jupiter’s portfolio reference target covers Scope 1 & 2 emissions for all AUM within scope. Scope 3 will be incorporated in time as data availability improves, in line with the guidance provided by the Net Zero Investment Framework.
Methodology:
Net Zero Investment Framework
Scenario(s):
Jupiter’s portfolio reference target adopts the modelled global pathways for reaching net zero by 2050. Jupiter will look to reference the One Earth Climate Model (2020) for determining sectors pathways at the investment strategy level.
Additional information
Proportion of AUM committed:
We have included our fundamental, long-only, developed market equities strategies within our initial target scope. These investment strategies make up the core of our franchise and this is also where the greatest GHG emission visibility lies. We shall also be including all funds which are looking to be designated as Article 8/9 under SFDR classifications. The target scope will be reviewed and expanded over time as more GHG emission data becomes available and as net zero methodologies for other geographies and asset classes develop. In the meantime, we will continue to engage with our investee companies in all jurisdictions to encourage them to align their business models, set forwardlooking targets and disclose their GHG emissions in readiness for a formal target framework.
Policy on coal and other fossil fuel investments:
Jupiter will adopt a sciencebased policy with regards to thermal coal and tar sands projects and associated infrastructure, as per the recent guidance issued by the Net Zero Investment Framework. This policy will be applied initially to those strategies which are to be managed in line with net zero. This science-based policy will be expanded across Jupiter’s fund range once systems and data sets are in place to make this practicable.
Further information:
Target setting: The IPCC special report provides modelled pathways for limiting global warming to 1.5°C. It is evidenced within this report that the pathways that limit global warming to 1.5°C with no or limited overshoot include GHG emissions reduction in the range of 58-47% by 2030, where the scenarios depict ‘low energy demand’ (P1) or are ‘sustainability oriented’ (P2). Jupiter have modelled a pathway to achieve a 50% reduction in emissions by 2030, which is in line with the IPCC’s modelled global pathways.
We have chosen 31st December 2020 as our baseline due to the merger with Merian Global Investors which was completed on 30th September 2020. Using December 2020 therefore ensures that we have a baseline that is as close a representation of our current AUM as possible to enable accurate targets to be calculated.
Jupiter will make further disclosures on our net zero target framework, including at the investment strategy level, in our 2021 Stewardship Report (April 2022)