Search our Signatories
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors

Norinchukin Zenkyoren Asset Management

Norinchukin Zenkyoren Asset Management is a Japanese-based Asset Management. They joined the Net Zero Asset Managers Initiative in March 2024 and made their Initial Target Disclosure upon joining the initiative.

Initial Target Disclosure: March 2024

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

75% of total AUM (USD $52 billion)

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



Portfolio decarbonisation reference baseline

46.4 (tCO2e/$m invested)


Engagement threshold baseline

We have identified portfolio companies with high GHG emissions to focus on in engagement activities.



Portfolio decarbonisation reference target

50% reduction in portfolio emissions in intensity terms.

GHG emissions are measured using data provided by MSCI. To achieve the target, we will work on three pillars: (1) engagement with multiple stakeholders, (2) provision of investment products in line with net zero, and (3) provision of information (awareness-raising and disclosures).


Engagement threshold target

By 2030, 90% of financed emissions in material sectors are subject to direct or collective engagement and stewardship actions, or either assessed as net zero, aligned with a net zero pathway.

We focus on engagement with portfolio companies that account for the majority of financed emissions, by using both direct and collaborative engagements. Our voting guidelines include an escalation function, which allows for a negative vote if the company’s sustainability initiatives are insufficient and show no improvement.

GHG scopes included:

We currently include Scope 1 and 2 emissions, and aim to include Scope 3 once data becomes sufficiently available.


Net Zero Investment Framework


The IPCC special report on global warming of 1.5℃

Additional information

Proportion of AUM committed:

We currently include listed equities and corporate bonds in the interim target. We will continue to review data availability and improvements in methodologies for sovereign bonds and alternative assets and include them when GHG data becomes sufficiently available, and methodologies become more widely applicable. In addition, we participate in the ESG Data Convergence Initiative, which aims to standardize and improve the quality of ESG reporting for investors in the private equity sector. We believe that this initiative will also promote GHG disclosures in the PE sector, contributing to the expansion of data availability.

Policy on coal and other fossil fuel investments:

Certain funds have fossil fuel exclusion guidelines that are agreed with clients. In order to meet various needs of clients, we do not have a firm-wide fossil fuel exclusion policy. However, we make efforts to support transitions via engagement activities, helping reduce GHG emissions in the real economy.

Further information:
For more information on our governance, policies, and actions in our ESG Statement, Responsible Investment Policy, Stewardship Policy (the link to Stewardship Report is included), Voting Policy and TCFD disclosures etc.