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M&G Investments

M&G Investments is a global investment manager headquartered in London with offices across Europe, Asia-Pacific, and North America. It joined the Net Zero Asset Managers Initiative on 11 December 2020, and its initial target disclosure was published on 1 November 2021. This is an update to their target disclosure.

Updated Initial Target Disclosure: August 2023

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

30.4% of total AUM (USD $111 billion)

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



Portfolio decarbonisation reference baseline

Emissions intensity

Carbon footprint using EVIC (tCO2e/$m invested)

Public equity: 102.70 tCO2/$m invested , 91.4% data coverage // Public corporate debt: 73.74 tCO2/$m invested , 45% data coverage


Portfolio coverage baseline

Sub-portfolio targets – real estate (direct)

Real estate (direct): 38 kg CO2/m2 , 100% data coverage for the assets in scope based on either reported or estimated data.



Portfolio decarbonisation reference target

50% reduction for public equity and public corporate debt assets committed to NZAM

2019 baseline emissions cover all sectors the in scope assets are invested in.


Portfolio coverage target

Real estate (direct): 36% reduction in emissions intensity by 2030.

As per the TSP, members joining late in 2021 might also set targets towards 2029. Our internal client is considered to be a late joining member of the Net Zero Asset Owner Alliance and additionally the CCREM 1.5oC pathway has been used for the real estate target setting. Hence, the target year for the real estate portfolio has been set to 2030.

GHG scopes included:

For public equity and public corporate debt targets: Scope 1 and 2 are included in target setting. Going forward we will include Scope 3 as mandated by PCAF.

For real estate target: portfolio emissions Scope 1 and 2 are included in target setting. Tracking of Scope 3 emissions.


Net Zero Asset Owner Alliance Target Setting Protocol

Net Zero Investment Framework


The analysis to set our initial targets was conducted on sector and region splits of financed carbon emissions, which concluded that the range of required emissions reduction of the assets between -44% and -54%. The financed carbon emissions, calculated using EVIC and Scope 1 & 2 emissions data, are proportioned into sectors using GICS Industries and into regions using their risk country classification. Where these sectors are not available, or there is no pathway present, a 7.6% year on year reduction as recommended by the UN Environment Programme was used. Where the regions are not available, or there is no pathway present, the IEA P1 scenario was used.

The target for our Real estate assets is in alignment with the Carbon Risk Real Estate Monitor (CREEM) 1.5o C scenario.

Additional information

Proportion of AUM committed:

M&G Investments’ updated targets comprise commitments of public equities, public corporate debt and real estate assets within funds managed on behalf of Prudential UK, the internal Asset Owner. These assets represent 30.4% of the $364 bn AUM.
We have increased our committed public equity and public corporate debt assets and we have now included real estate assets. With the agreement of our clients we will expand our commitments over time.

Other asset classes including sovereign bonds, infrastructure and private equity, are not included in our targets due to the absence of credible guidance for target setting or as a result of emissions data availability and quality concerns. We will look to include targets for assets as methodologies and data improve.

Policy on coal and other fossil fuel investments:

The M&G Investments Thermal Coal Investment Policy applies to publicly listed shares and public bonds listed by a single corporate entity, and singe name derivatives thereof including credit default swaps and equity warrants.

Further information:

Our latest Stewardship report which includes details on our ESG engagements can be found below. Additional information can also be found in our latest Sustainability Report and TCFD report.