WHEB Asset Management
WHEB Asset Management is a UK-based B Corporation specialist investor headquartered in London. It joined the Net Zero Asset Managers Initiative on 11 December 2020 and its initial target disclosure was published on 1 November 2021.
Percentage of assets covered by the Net Zero Asset Managers Commitment Statement
100% of total AUM (USD $2.03 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
Total Scope 1 & 2: 1,501,463tCO2e
Carbon footprint: 127tCO2e/£1m invested
Carbon intensity: 306tCO2e/£1m sales
Weighted average carbon intensity: 220tCO2e/£1m sales
Target(s):
Portfolio decarbonisation reference target
1. Achieve carbon reductions from portfolio companies that are consistent with our 2030 and 2050 targets (equivalent to a mid-single digit annual decline in emissions).
Portfolio coverage target
2. At least 50% of investee companies4 committed to achieving NZ carbon emissions by 2050 and demonstrating alignment through their ambition, targets, emission performance, disclosure, strategy and capital allocation.5
Allocation to climate solutions target
3. >30% of the portfolio to be invested in companies offering climate solutions (and expected to be EU taxonomy eligible).
Portfolio decarbonisation reference target
1. Achieve an absolute carbon reduction from portfolio companies that is consistent with the 50% global reduction in carbon emissions considered necessary to achieve global NZC emissions by 2050.
Portfolio coverage target
2. 100% of investee companies6 committed to achieving NZ carbon emissions by 2050 and demonstrating alignment through their ambition, targets, emission performance, disclosure, strategy and capital allocation.7
Allocation to climate solutions target
3. >30% of the portfolio to be invested in companies offering climate solutions (and expected to be EU taxonomy eligible).
GHG scopes included:
The targets cover Scope 1 & 2 emissions from portfolio businesses. We include Scope 3 emissions on an ad hoc basis depending on the materiality of Scope 3 emissions to the company in question.
Methodology:
Net Zero Investment Framework
Science Based Target initiative for Financial Institutions
Scenario(s):
IPCC models that deliver no or limited overshoot of 1.5°C of global warming require CO2 emissions to decline by 45-50% by 2030 and to reach net zero by 2050. These are the targets that we have chosen to achieve for WHEB’s portfolios.
Additional information
Policy on coal and other fossil fuel investments:
As part of our policy on portfolio carbon emissions we have clearly stated that WHEB investment strategies do not, have not and will not invest in companies 1) planning new fossil fuel production or power infrastructure, 2) deriving significant (more than 5%) revenues from fossil fuel or power generation sales or 3) producing fossil fuels or generating more than 5GW of captive power from fossil fuels. https://www.whebgroup.com/ media/2021/03/202102-NZC-Policy-Portfolio-emissions.pdf
Further information:
Target setting: Our strategy is wholly invested in developed markets and while portfolio businesses do own assets in emerging and developing countries, we have chosen to set a stricter target of a 50% reduction in emissions by 2030. We will engage with portfolio companies in order to achieve the above targets. Where engagement is not successful we reserve the right to divest from these holdings.
Annual impact report including portfolio and operational carbon data: https://impact. whebgroup.com/media/2021/06/WHEB-Impact-Report-2020.pdf