Aegon U.K. will reinvest over £3 billion ($4.1 billion) of its assets in environmental, social and governance strategies by mid-2021 as it works toward reducing carbon emissions across its workplace defined contribution business by 2030.
In addition, the firm committed to eliminating carbon emissions across all of its default funds by 2050, a news release said Thursday. Aegon U.K. has £179 billion in assets under administration.
“As investment providers and a responsible business, we have a large part to play in the fight against climate change. We believe that this is not just an environmental issue, but one that is central to the future financial wellbeing of our customers. Investors are giving us a very clear message that they want to see action,” Tim Orton, managing director for investment solutions at Aegon U.K., said in the release.
“Aegon and other providers have the power to influence the companies that they invest in and the third-party fund managers who provide investments. Businesses that fail to change, will fail,” he added.
Further details were not available.