TIAA Releases First Climate Report
NEW YORK, Dec. 21, 2021 /PRNewswire/ — TIAA, a leading provider of secure retirements and outcome-focused investment solutions to millions of people and thousands of institutions, released its first Climate Report outlining the company’s governance and business objectives in pursuit of achieving net zero carbon emissions and managing climate risk throughout the company.
TIAA’s climate report is aligned with the Task Force on Climate-Related Financial Disclosures guidelines, which TIAA has formally endorsed and continues to deploy in its investments on behalf of clients.
“We believe climate risk is investment risk,” said Thasunda Brown Duckett, President and CEO of TIAA. “Our focus on climate change is foundational to creating better outcomes for our clients seeking lifetime income and the communities where we live and work.”
TIAA’s responsible investing program is led by the Responsible Investing team (RI team) at Nuveen, TIAA’s asset manager. Over the last year, the RI team has:
- Engaged with 275 portfolio companies on expanding climate disclosure, targets and scenario analysis
- Urged 150 portfolio companies to take specific actions to improve climate disclosure and accountability
- Supported 78% of climate-related shareholder resolutions
TIAA has taken actionable steps on climate-related issues, including the creation of its Climate Risk Task Force, as well as the Sustainability Action team, all of which play an integral role in bridging the enterprise’s climate strategy. Overall, TIAA’s climate strategy aims to:
- Reduce the impact of the enterprise’s operations
- Establish organizational beliefs to guide decision-making around climate risk
- Serve the best interest of clients by integrating climate factors into investment process, stewardship and investment strategies
- Advocate for climate risk disclosure and management
TIAA previously announced bold pledges to reduce carbon emissions in its investments and operations, starting with three “Net Zero” commitments across the enterprise:
- TIAA General Account (The investment vehicle that supports TIAA Traditional and other annuities): Net Zero carbon emissions by 2050
- Nuveen Real Estate: Net zero carbon emissions by 2040
- TIAA Corporate Operations: Net zero carbon emissions by 2040
In 2022 and beyond, TIAA will communicate more about its progress toward reaching its net zero targets and the ways in which the company is lowering its carbon footprint. TIAA plans to more deeply engage with companies and organizations critical to meeting these goals and the company is committed to reporting transparently as it evolves and continues on its climate journey.
To read the full report, visit https://www.tiaa.org/public/pdf/2021_climate_report.pdf.
TIAA is a leading provider of secure retirements and outcome-focused investment solutions to millions of people and thousands of institutions. It is the #1 not-for-profit retirement market provider,1 paid more than $3.6 billion to retired clients in 2020 and has $1.3 trillion in assets under management (as of 9/30/2021).2
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- As of Dec. 31, 2020. Based on data in PLANSPONSOR’s 403(b) Market Survey, which published in August 2021.
- As of September 30, 2021 assets under management across Nuveen Investments affiliates and TIAA investment management teams are $1,331 trillion.
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