A group of 30 asset managers with more than $9 trillion under management launched the Net Zero Asset Managers Initiative on Friday to help clients ensure their portfolios are carbon neutral by 2050.

The group, which includes Schroders and UBS Asset Management, said it would prioritise securing real reductions in emissions at the companies in which they invest, and work with clients over their decarbonisation goals.

They also pledged to set interim targets for the proportion of assets managed in line with the Paris climate agreement, which aims to limit global warming to 1.5 degrees Celsius above pre-industrial levels by the middle of the century.