Mirae Asset Global Investments (Hong Kong) Limited
Founded in December 2003, Mirae Asset Global Investments (Hong Kong) Limited is an asset management arm and the first overseas office of the Mirae Asset Global Investments Group. Mirae joined the Net Zero Asset Managers Initiative in May 2022 and made its Initial Target Disclosure in May 2023.
Percentage of assets covered by the Net Zero Asset Managers Commitment Statement
26% of total AUM (USD $2.2 billion)
Information on interim target(s) covering the proportion of assets to be managed in line with net zero
Portfolio decarbonisation reference baseline
2253 tCO2e/$m revenue
Engagement threshold baseline
21% of financed emissions in material sectors are net zero or aligned.
23% of financed emissions in material sectors are subject to direct or collective engagement and stewardship actions.
Portfolio decarbonisation reference target
1686 tCO2e/$m revenue by 2030, 417 tCO2e/$m revenue by 2050
Engagement threshold target
We are yet to set a Portfolio Coverage target, however we have set an Engagement Threshold target that 70% of financed emissions in material sectors will be net zero or aligned or subject to direct or collective engagement by 2025; 90% by 2030.
70% of financed emissions in material sectors will be net zero or aligned or subject to direct or collective engagement by 2025;
90% by 2030.
GHG scopes included:
Our targets cover Scope 1 & 2 emissions only, we will consider Scope 3 in the future when data is more mature.
Net Zero Investment Framework
IEA NZE scenario emerging market and developing economies regional pathway.
Proportion of AUM committed:
The current proportion of AUM in-scope of net zero targets includes our mutual funds like our UCITS products which we have direct investment discretion. We determined this initial % based on our actively-managed products which are ESG funds which are expected to meet the most stringent ESG investing standards within the firm. We will reassess this scope annually and aim to ratchet upward to include other active investments such as our Korean-domiciled funds and active ETFs if possible. Other products like passive, fixed income and sovereign ETF are excluded for now due to data challenges and limited investment discretion. We will proactively work with Mirae Asset Headquarters and other offices to review readiness for setting Group level net zero targets.
Policy on coal and other fossil fuel investments:
Please refer to the ESG Restrictive List section (and relevant Annexes) for details on exclusions on coal and other fossil fuel investments in our Policy on Responsible Investments. Investment restrictions on thermal coal mining and unconventional oil & gas apply to approximately 28% of AUM (all SICAV funds managed by Hong Kong office), as of March 2023.
Detailed public disclosures on our net zero targets are planned to be published as part of the 2022 Responsible Investments Report (anticipated to be released before mid-2023).