Allianz said on Thursday that it would cut emissions by 25% for some classes of assets by 2025, a move toward its goal of a climate-neutral investment portfolio by 2050.

It is the first time that Allianz, which is also one of the world’s largest investors, has announced interim targets.

The 25% reduction by 2025 affects equities and corporate bonds and is based on investment levels from 2019.

The company also said it would update the public annually on its progress in meeting its goals, and it created the new role of chief sustainability officer to report to the board.

In addition, Allianz said that it would cut its carbon footprint from its own operations 30% over the next five years compared with 2019 levels.