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Phoenix Investments Reveals Climate Solutions Mandate and Losses in Q4 2022

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British insurer Phoenix Group reports Q4 losses and climate investments.

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Phoenix Group, a British insurer, has announced a significant loss of £1.23bn for Q4 2022 due to market volatility. However, the company also revealed its plan to invest around £340m of policyholder assets into a multi-asset climate solutions mandate to expand its climate investments. This move is part of the company's goal to achieve net-zero emissions by 2050.

The climate solutions mandate will invest in a range of asset classes, such as equities, fixed income, and alternatives. The mandate also targets a 30% reduction in carbon emissions by 2025 and aims to align with the goals of the Paris Agreement.

Phoenix Group is not the only company investing in climate solutions, as more and more businesses are realizing the importance of sustainability. In fact, last month, Senator Kyrsten Sinema announced a historic $728 million for Western drought relief from the Infrastructure Investment and Jobs law, bipartisan legislation aimed at addressing climate change.

Despite its climate investments, Phoenix Group still suffered losses from equity method investments, net of impairment, which amounted to RMB7.4 million ($1.1 million) in Q4 2022. However, this figure is an improvement from the previous year's losses of RMB9.1 million.

In other news, Leslie's Inc. (NASDAQ:LESL), a pool and spa retailer headquartered in Phoenix, has gained attention from Ariel Investments, an investment management company. Ariel Investments released its latest quarterly report, which revealed that it had increased its stake in Leslie's by 17.4%. This move comes after Leslie's reported strong Q3 earnings, with a net income of $58.1 million.

Phoenix is also making strides in attracting investments, as the Greater Phoenix Economic Council launched a new federal program aimed at stimulating investment in the area. The program streamlines federal resources and investments, making it easier for businesses to invest in Phoenix and create jobs in the region.

However, despite these efforts, Phoenix's level of new investments was down by two-thirds during Q4 2022, according to a report. The report suggests that the pandemic and its associated economic downturn may be to blame for the decrease.

Despite the slowdown, Phoenix is positioning itself for future growth, particularly in the semiconductor industry. Arizona is already home to several semiconductor manufacturers, and the state is well-positioned to take advantage of future investments in the industry.

In conclusion, Phoenix Group's climate investments and Leslie's strong earnings demonstrate the potential for growth in the region. However, the economic downturn and pandemic have slowed new investments, making it more important than ever for the region to attract new businesses and investment opportunities.


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