Ecological footprint
Climate change is a systemic risk with the potential for significant societal impact
Due to its complexity, it is not easy to develop policies that take these effects into account.
Our sponsor has developed its own climate change policy, with the ambition of achieving net-zero emissions across its investments by 2050.
Robeco’s quantitatively managed investment funds have an explicit objective of achieving a carbon footprint lower than the benchmark. This takes into account Scopes 1, 2 and 3 upstream. The Aberdeen Euro Corporate Sustainable Bond Fund aims to reduce carbon intensity by at least 25% by the end of 2025 and at least 55% by the end of 2030, compared to the portfolio’s level at the end of 2019.
When selecting fund managers, we actively consider whether they are engaging with companies that are lagging behind in taking steps to reduce emissions. Outside of PIMCO, all managers are part of the Net Zero Asset Managers Initiative (NZAM). The Net Zero Asset Managers (NZAM) initiative is an international coalition of asset managers committed to aligning their investment portfolios with net-zero greenhouse gas emissions by 2050 or earlier. The aim is to combat climate change and support the transition to a low-carbon economy.
Over the past year, NZAM has undergone a period of review: following political pressure and the withdrawal of several major US firms, the programme was temporarily suspended in early 2025, before returning at the end of 2025 with a more flexible framework in which the explicit 2050 net-zero target and the requirement to bring all AUM within the scope have been dropped; From January 2026, NZAM will once again operate under revised, less prescriptive guidelines that give asset managers greater scope to shape their own climate targets and stewardship practices, whilst the ambitions of the Paris Agreement remain the guiding principle. In practice, this means that asset managers can adjust their targets and postpone the intended deadline in the meantime.
The portfolio’s total carbon footprint is substantially lower than that of the benchmark. In addition, the portfolio has a relatively higher weighting of companies that, according to Robeco’s Climate Traffic Light, are ‘Aligned’ or ‘Aligning’ with the Paris Agreement. Forward-looking climate metrics, such as Climate Value-at-Risk and Implied Temperature Rise, show that climate change remains a material long-term risk, but that the portfolio outperforms the benchmark.