Velliv sets clear targets for climate action

Velliv, the Danish life and pension insurer, has set clear targets for climate action, with a plan to reduce CO₂ emissions by 60% in 2030 and be CO₂ neutral by 2050 for its investment portfolio worth approximately DKK300bn (€40.3bn).

“We are not at all on target and we are working hard to ensure that we live up to the targets we have set,” the firm stated as it published its latest climate report this morning.

The report for the year 2021 discloses how the CO₂ emissions of Velliv’s portfolio of listed shares and corporate bonds have developed over recent years and reveals what factors have played into that calculation – for example both market development and changes in the portfolio.

Velliv has also stated that active ownership and cooperation with other investors will play a decisive role in reaching the goal. “That is why we participate, among other things, in CDP’s Science-Based Targets Campaign, where we, together with over 200 other global investors, encourage more than 1,200 companies to set reduction targets for their CO₂ emissions,” it said.

Anders Stensbøl Christiansen, investment director at Velliv, said: “If we as a society we are to succeed to curb global warming, it requires capital, innovation and cooperation. At the same time, it requires that we must see the possibilities and dare to go after them.”

Climate-related risks and opportunities will most likely impact long-term returns, Stensbøl Christiansen said. “When we manage the pension savings of more than 380,000 Danes, it is therefore extremely important that we continuously work hard to identify these risks and find the right tools to handle them.”

At the same time, he noted, Velliv must find the opportunities that the transition towards a CO₂-neutral future brings with it. “It is a difficult task that we face, marked by both greatness uncertainty and missing data. There is no quick fix, but Velliv has sustainability high on the agenda, and that also means a great focus on climate.”

Velliv has recently joined both the Paris Aligned Investment Initiative and Science Based Targets initiative. “We have done this in order to raise the level of ambition, but also because we believe collaborating with others players on the market is necessary to reach CO₂ neutrality,” Stensbøl Christiansen said.

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