By Maitane Sardon

Foxconn Technology Group, Apple Inc.'s biggest supplier, is pledging to achieve net-zero greenhouse-gas emissions across its value chain by 2050, after engaging with a group of investors representing $47 trillion in assets.

The Taiwan-based electronics maker, formally known as Hon Hai Precision Industry Co., said Tuesday that it will work to remove from the atmosphere the same amount of carbon dioxide it releases in order to align with the Paris Agreement on climate change. The company said it will comply with the carbon-emissions policies of the local governments where its factories are located and strengthen its policy to mitigate and adapt to the risks climate change poses to its business.

The company also said it will disclose in line with recommendations from the Task Force on Climate-related Financial Disclosures. The TCFD is an organization chaired by former New York City mayor Michael Bloomberg that provides a framework for companies to report how climate change could affect their financial performance. The TCFD says nearly 60% of the world's 100 largest public companies support its disclosure recommendations, report in line with them or both. BlackRock Inc., the world's largest asset manager, supports its guidelines and has asked company leaders to report in line with them.

Climate Action 100+, the group of investors behind the engagement, welcomed Foxconn's announcement and said they have worked directly with the company to help it set targets and understand their expectations for climate-change reporting.

"As the largest global technology manufacturing provider, this will have a significant positive impact on the supply chain that many other companies and individuals, and the planet, will now benefit from," said Sophia Cheng, chief investment officer at Cathay Financial Holdings, one of Taiwan's largest financial-services companies and one of the lead institutions engaging with the Taiwanese giant.

Foxconn's announcement comes as companies face increasing pressure from investors, consumers and, in the case of global suppliers, the brands that rely on them for procuring components for assembly. Foxconn faced pressure from Apple, which pledged in late July to become carbon neutral by 2030 across its entire business, including its supply chain, although it didn't say whether it would drop suppliers that failed to meet its goals.

Apple said it aims to have a manufacturing supply chain powered by renewable electricity by 2030 and that so far, 70 of its manufacturing partners in 17 countries have committed to making its products using 100% renewable energy.

Write to Maitane Sardon at maitane.sardon@wsj.com

(END) Dow Jones Newswires

11-10-20 0746ET