ACC to decarbonise it portfolio

The Accident Compensation Commission has a new climate change policy which includes decarbonising its $46 billion investment equities portfolio.

This move is in line with the intent of the Climate Change Response (Zero Carbon) Amendment Act passed last year, which has a net zero emissions target for all greenhouse gases other than biogenic methane by 2050.

ACC will align with the Climate Change Response (Zero Carbon) Amendment Act. This means reducing the carbon intensity of the investment team's global equity portfolio by at least 50% by 2030 compared to 2019 levels.

"This position will remain under active review as we move towards net zero, and we may alter the ambition of the approach as we gather more evidence about the costs and opportunities. We may adjust the position to at least be consistent with the five-year emissions budgets that will be set by the Climate Change Commission. We're not ruling out taking a more ambitious path should progress exceed the targeted reductions," ACC says.