Principal® Joins United Nations Global Compact CFO Taskforce

Rhea-AI Summary

Principal Financial Group has joined the U.N. Global Compact CFO Taskforce to enhance its sustainability strategies. The taskforce aims to mobilize substantial investment capital towards the U.N. Sustainable Development Goals. Key executives, including CFO Deanna Strable, will contribute to promoting responsible investment practices. Principal's commitment includes a 40% reduction in U.S. carbon emissions by 2035 and a goal of net-zero emissions by 2050. The company previously issued a $600 million sustainability bond to support green initiatives.

Positive

• Joined the U.N. Global Compact CFO Taskforce to enhance sustainability efforts.
• Aims to mobilize investments toward the U.N. Sustainable Development Goals.
• Committed to a 40% reduction in U.S. carbon emissions by 2035.
• Set a target for net-zero carbon emissions by 2050.
• Issued a $600 million sustainability bond to fund green initiatives.

Negative

• None.

DES MOINES, Iowa--(BUSINESS WIRE)-- Principal Financial Group^® has joined the U.N. Global Compact CFO Taskforce as the company continues to integrate sustainability commitments into its finance strategies. The taskforce provides an influential platform for financial leaders to mobilize trillions of investment dollars in support of the U.N. Sustainable Development Goals.

Deanna Strable, Principal^® executive vice president and chief financial officer, and Everett Miles, vice president of capital markets for Principal, will work with taskforce members to put forward recommendations that better unlock private capital and create new investment opportunities – aiming to prompt more companies to prioritize meaningful sustainability commitments.

“Joining the U.N. Global Compact CFO Taskforce gives Principal a powerful voice as we continue work toward improving the wealth and well-being of more people, businesses, and communities,” Strable said. “Members of the taskforce manage $1.7 trillion in corporate investment and are in the unique position to advance responsible investing and business practices. I look forward to working with members of the taskforce to enable finance practices that support a more inclusive and sustainable world.”

Principal has identified five U.N. Sustainable Development Goals as core initiatives within its Environmental, Social, and Governance (ESG) strategy and earlier this year announced measurable ESG commitments. Carbon reduction is a major component and, by 2035, the company is committed to reducing its U.S. carbon emissions by 40% with the intent to achieve net-zero carbon emissions by 2050. Principal also issued a $600 million sustainability bond in August to fund eligible green and social initiatives with the bond proceeds.

The CFO taskforce has 60 members and is actively recruiting more to join and adopt its four principles that are critical for supporting companies transitioning to more sustainable business practices.

About Principal Financial Group^®

Principal Financial Group^® (Nasdaq: PFG) is a global financial company with 18,000 employees¹ passionate about improving the wealth and well-being of people and businesses. In business for more than 140 years, we’re helping more than 49 million customers² plan, insure, invest, and retire, while working to support the communities where we do business, improve our planet, and build a diverse, inclusive workforce. Principal^® is proud to be recognized as one of the World’s Most Ethical Companies³, a member of the Bloomberg Gender Equality Index, and a Top 10 “Best Places to Work in Money Management⁴.” Learn more about Principal and our commitment to sustainability, inclusion, and purpose at principal.com.

© 2021 Principal Financial Services, Inc. Principal^®, Principal Financial Group^®, and Principal and the logomark design are registered trademarks of Principal Financial Services, Inc., a Principal Financial Group company, in the United States and are trademarks and services marks of Principal Financial Services, Inc., in various countries around the world.

Insurance products issued by Principal National Life Insurance Co (except in NY) and Principal Life Insurance Co. Plan administrative services offered by Principal Life. Principal Funds, Inc. is distributed by Principal Funds Distributor, Inc. Securities offered through Principal Securities, Inc., member SIPC and/or independent broker/dealers. Referenced companies are members of the Principal Financial Group®, Des Moines, IA 50392.

¹ As September 30, 2021
² As September 30, 2021
³ Ethisphere Institute, 2021
⁴ Pensions & Investments, 2020

View source version on businesswire.com: https://www.businesswire.com/news/home/20211111005489/en/

Media Contact: Phillip Nicolino, 515-362-0239, nicolino.phillip@principal.com

 

Source: Principal Financial Group

FAQ

What is Principal Financial Group's recent involvement with sustainability initiatives?

Principal Financial Group has joined the U.N. Global Compact CFO Taskforce to enhance its sustainability commitments and promote responsible investment.

What are the carbon reduction targets set by Principal Financial Group?

Principal is committed to reducing its U.S. carbon emissions by 40% by 2035 and aims for net-zero emissions by 2050.

How much did Principal Financial Group raise through their sustainability bond?

Principal Financial Group issued a $600 million sustainability bond to support eligible green and social initiatives.

What is the purpose of the U.N. Global Compact CFO Taskforce?

The taskforce aims to mobilize investment capital to support the U.N. Sustainable Development Goals.

Who are the key executives involved in the U.N. Global Compact CFO Taskforce from Principal Financial Group?

CFO Deanna Strable and Everett Miles, Vice President of Capital Markets, are representing Principal in the taskforce.