Global money manager deVere Group has doubled its target of environmental, social and governance (ESG) investments to $2bn, less than a year after setting its original goal.
The multi-national financial advisory, asset management and fintech organisation, deVere Group had said in January it would aim to have $1bn in socially responsible investment vehicles within five years.
It now says it plans to hit is “$2bn or more” within the same time frame.
The doubling of the pledge comes as world leaders, industry chiefs and experts head to Glasgow this weekend for the start of COP26, an event seen as a critical turning point in the struggle to avert the worst effects of climate change.
CEO and founder of deVere, Nigel Green, said: “Climate change – and the major, far-reaching fallout of it for economies and communities around the world - is the greatest risk multiplier. There’s no question that it is the defining issue of our time.
“But this takes unprecedented levels of investment, which is why deVere is now aiming to position $2bn into ESG investments within five years.”
Green added that the new target is achievable as investors, keen to get ahead of the curve “as well as earn profits with purpose”, are receptive to the opportunities as the world scrabbles to mitigate the environmental, economic and social fallout of the current situation – “a situation which is likely to be a constant risk.”
The investment house says it has over $10 billion under management with over 80,000 clients in more than 100 countries.
The group is also one of 18 founding signatories of the UN-backed Net Zero initiative, the international alliance of global finance companies that aim to help accelerate the transition to a net zero financial system.
Its membership means it is committed to “aligning all relevant products and services to achieve net zero greenhouse gases by 2050 and to set meaningful interim targets for 2025,” a statement from the company said.