SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
For the month of May, 2021
PRUDENTIAL PUBLIC LIMITED COMPANY
(Translation of registrant's name into English)
1 Angel Court, London,
England, EC2R 7AG
(Address
of principal executive offices)
Indicate
by check mark whether the registrant files or will file annual
reports
under
cover Form 20-F or Form 40-F.
Form
20-F X
Form 40-F
Indicate
by check mark whether the registrant by furnishing the
information
contained
in this Form is also thereby furnishing the information to
the
Commission
pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
1934.
Yes
No X
If
"Yes" is marked, indicate below the file number assigned to the
registrant
in connection with Rule 12g3-2(b): 82-
7 May 2021
Prudential supports low-carbon transition with pledge to become
"net zero" asset owner by 2050
Prudential plc ("Prudential") today announces plans to decarbonise
its portfolio of assets held on behalf of its insurance companies
with a new goal of becoming "net zero" by
2050 1.
The pledge is aligned to the Paris Agreement, which invites parties
to commit to holding the increase in the global average temperature
to well below 2 degrees Celsius above pre-industrial levels, and to
pursue efforts to limit the temperature increase to 1.5 degrees
Celsius above pre-industrial levels, recognising that this would
significantly reduce the risks and impacts of climate
change.
Prudential is taking immediate actions to help deliver on its
ambitious longer-term objective. These include:
●
A 25 per cent reduction in the carbon
emissions of all shareholder and policyholder assets by
2025 1
●
Divestment from all direct investments
in businesses which derive more than 30 per cent of their income
from coal, with equities to be fully divested by the end of 2021
and fixed-income assets by the end of 2022 1
●
A commitment to accelerate the
transition to a low-carbon economy by engaging with the companies
responsible for 65 per cent of the emissions in our
portfolio 1
We will continue to review and update our ESG strategy in line with
our business strategy, and all carbon metrics and targets - both
near-term and longer-term - will be regularly reviewed to take into
account evolving scientific data and stakeholder
expectations.
In order to facilitate greater collaboration with global peers,
Prudential intends to join the United Nations-convened Net Zero
Asset Owner Alliance, a network of institutional investors
committed to the decarbonisation of their portfolios. Eastspring,
Prudential's asset management business, is committed to developing
a comprehensive and distinctive range of Asia-focused ESG
investment strategies. In 2018, Eastspring became an asset manager
signatory to the Principles for Responsible Investment (PRI), the
global organisation which helps members embed environmental, social
and governance (ESG) objectives into investment practice.
Prudential plc now intends to sign up to the PRI as an asset
owner.
Prudential has already set a target to become net carbon neutral by
the end of 2030 across Scope 1, emissions from sources directly
controlled by the business, and Scope 2, indirect emissions
associated with the purchase of electricity, heat or
cooling.
In its annual reporting for 2021, Prudential intends to enhance its
ESG disclosures, addressing the increased reporting obligations of
the HKSE and the FCA applicable for FY2021. The Group will commence
referencing and mapping its disclosures against the standards which
are most widely used by shareholders for comparing companies within
its sector and which are most appropriate given the nature and
location of its operations. In doing this, the Group will consider
a range of current standards, including the Sustainability
Accounting Standards Board (SASB) or the Global Reporting
Initiative (GRI) or a combination of these, and take into account
the progress of efforts being made to align these standards. The
Group intends to progressively enhance these disclosures over
time.
Mike Wells, Group Chief Executive of Prudential, said: "Any future
climate crisis will disproportionately affect the communities we
serve in Asia and Africa. As a steward of long-term capital and a
protector of people's lives, we need to use our scale and expertise
to drive decarbonisation at pace - and to do so in a way which is
just and fully inclusive, is engaged with our stakeholders and
delivers green growth which benefits everyone. Today's
announcements set out how Prudential intends to play the fullest
possible role in the transition to the net-zero future which is
essential if global temperature rises are to be
controlled."
Media
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Investors/Analysts
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Jonathan Oliver
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+44 (0)20 3977 9500
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Patrick Bowes
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+44 (0)20 3977 9702
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Tom Willetts
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+44 (0)20 3977 9760
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William Elderkin
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+44 (0)20 3977 9215
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Footnote
1The portfolio, with a value of
$128 billion as at 31 December 2020, excludes unit-linked funds and
assets held by joint venture businesses. Following the announcement
of the intent to demerge Jackson Financial Inc (Jackson), the
Jackson business and all assets it holds are also excluded from
these commitments. In addition, this policy cannot be applied to
certain externally-managed collective investment scheme
balances.
Notes to Editors
Prudential intends to publish data on the weighted average carbon
intensity of its asset portfolio in its next ESG report to be
published in March 2022.
More information about the Net Zero Asset Owner Alliance can be
found here: https://www.unepfi.org/net-zero-alliance/about/
More information about the PRI can be found
here: https://www.unpri.org/pri/about-the-pri
About Prudential plc
Prudential plc is an Asia-led portfolio of
businesses focused on structural growth markets. The business helps
people get the most out of life through life and health insurance,
and retirement and asset management solutions. Prudential plc has
20 million customers and is listed on stock exchanges
in London, Hong
Kong, Singapore and New
York. Prudential plc is not
affiliated in any manner with Prudential Financial, Inc. a company
whose principal place of business is in the United States of America, nor with The
Prudential Assurance Company Limited, a subsidiary of M&G plc,
a company incorporated in the United Kingdom.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.
Date: 07 May
2021
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PRUDENTIAL
PUBLIC LIMITED COMPANY
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By: /s/ Mark FitzPatrick
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Mark
FitzPatrick
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Group
Chief Financial Officer and Chief Operating Officer
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