Newly created role and commitment to the largest global investor engagement initiative on climate change underlines the Group’s drive and focus on sustainability and achieving climate targets
Phoenix Group (“Phoenix” or the “Group”), the UK’s largest long-term savings and retirement business, announces the appointment of Dr James Wilde as Chief Sustainability Officer. James will be responsible for leading the Group’s sustainability strategy, with a focus on supporting the business in delivering its net-zero carbon commitments and bringing his industry-leading experience to Phoenix’s dedicated and growing sustainability team.
Sustainability is fully embedded into Phoenix’s core business activities, with the company making significant progress over recent months. The Group has committed to setting science-based targets aligned with limiting global temperature rise to 1.5°C above pre-industrial levels. Phoenix has signed up to the Science Based Targets initiative (SBTi) and will be submitting targets to SBTi for validation by the end of 2022.
In December 2020 Phoenix committed to its operations becoming net-zero carbon by 2025 and to its investment portfolio becoming net-zero carbon by 2050, including the investment solutions offered to pension savers where it exercises control and influence.
To support this journey, in 2021 Phoenix will focus on measuring the carbon intensity within its portfolio, enabling it to set incremental targets and a carbon reduction pathway across assets where it exercises control and influence. The Group will begin by setting baseline emissions and carbon reduction pathways for equities and liquid credit, and will establish a framework to monitor and report on progress.
This year Phoenix has also set a target of reducing Scope 1 and Scope 2 greenhouse gas from occupied premises by 20% per FTE intensity in 2021.
Appointment of Dr James Wilde
The appointment of Dr James Wilde to the newly created role of Chief Sustainability Officer further demonstrates the company’s commitment to sustainability, placing the necessary investment into securing industry-leading expertise as the Group executes on its net-zero targets.
James has over 18 years’ experience at the forefront of the industry. Joining Lloyds Banking Group in 2018 as Group Head of Sustainability, he developed a sustainability strategy focused on supporting and financing the transition to a sustainable, low-carbon economy, his efforts raising the bank to second in ShareAction’s climate change rankings for the top 20 European banks. Prior to this, James was Managing Director at the Carbon Trust, where he worked for 15 years with business and governments around the world on climate change and sustainability related issues, as well as leading their UK business units focused on government policy, market developments and innovation.
Phoenix Group becomes signatory of the Climate Action 100+ Initiative
Phoenix additionally announces today that it has become a signatory of the Climate Action 100+ initiative as an asset owner supporter1. The investor-led initiative engages with the world’s largest corporate greenhouse gas emitters to ensure they take necessary action on climate change. In its commitment to the initiative Phoenix will implement a strong governance framework on climate change; take action to reduce greenhouse gas emissions across the value chain and provide enhanced corporate disclosure. Its commitment to the SBTi initiative and setting targets will underpin this.
Climate Action 100+ has grown in size and scope since its launch in December 2017 with over $52 trillion managed by participating investors, coordinated by five investor networks including United Nations Principles for Responsible Investment (UNPRI) and the Institutional Investors Group on Climate Change (IIGCC), both of whom Phoenix is actively engaged with. As a result, Climate Action 100+ has become the largest existing global investor engagement initiative on climate change, engaging with companies that are estimated to cover more than 80% of global industrial emissions.
Annual Sustainability Report
Today Phoenix is also publishing its annual sustainability report which outlines its priorities and the action the Group is taking. This includes how Phoenix will be considering its climate goals when it comes to its supply chain. Phoenix has joined the Carbon Disclosure Project Suppliers’ Survey which will help to measure and baseline the carbon within its supply chain, enabling Phoenix to set clear targets to achieve the SBTi goal. Phoenix will be working with its key suppliers to encourage them to adopt their own science-based net-zero carbon targets and to commit to the implementation of TCFD disclosures. It has set a target of working with at least 75% of key suppliers on this in 2021.
Group CEO Andy Briggs commented:
Sustainability is a key enabler of Phoenix’s strategy and our vision is to build a strong and sustainable business to help even more people on their journey to and through their retirement. I am proud of the progress we are making and we recognise there is a great deal of important work to be done as we progress our sustainability agenda, set targets and ensure we achieve our commitments. I am excited to welcome James on board as we look to make significant progress over the coming years.
“Having focused on supporting our colleagues, our customers and our communities throughout the pandemic, we are deeply committed to helping Britain Build Back Better and playing our part in creating a low-carbon and sustainable future. We see the development of our ESG capabilities and our climate commitments are crucial to this, and we will be going about this in a considered and thoughtful way.
“I am also delighted to have been asked to chair a vital new climate change committee for the Association of British Insurers. It is essential that our industry, investing trillions on behalf of our customers, works together with Government and wider stakeholders to drive positive change.”
Dr James Wilde added:
“I’m extremely pleased to be joining Phoenix at such an exciting time in its sustainability journey. As the largest long-term savings and retirement specialist in the UK, Phoenix has a significant presence in the insurance industry and is highly ambitious in terms of what it wants to achieve. I’m looking forward to working with my new colleagues to deliver on our net-zero commitments and to supporting the transition to a low-carbon economy.”
-Ends-
Footnote:
- To qualify to become a signatory, Climate Action 100+ requires signatories to be an “asset owner, an asset manager, or a service provider that is formally representing assets and that typically conducts engagements with companies.”
Enquiries
Dilesh Sangaran
PR Manger
Phoenix Group
07974 604 323 / 0203 735 0942
Dilesh.sangaran@thephoneixgroup.com
Media:
Haya Herbert Burns
Teneo
0734 203 1051
haya.herbertburns@teneo.com
Notes to editors
About Phoenix Group
Phoenix Group is the UK’s largest long-term savings and retirement business with c14 million policies and £338 billion of assets under administration across both our Heritage and Open businesses. Our broad range of products means we can support people across all stages of the life savings cycle.
Our Heritage business, where we are the market-leader, is focused on the safe and efficient management of insurance policies. The Heritage segment comprises products that are no longer actively marketed to customers, and where we have stepped in as the custodian of these policies. We have built this business through the consolidation of over 100 legacy insurance brands.
Our Open business comprises products that are actively marketed to new and existing customers and has five separate business units. Our Workplace pensions and Customer Savings & Investments (“CS&I”) units operate under the Standard Life brand and manufacture long-term savings and retirement products to support people saving for their future.
The Retirement Solutions unit within Open includes both vesting annuities and our Bulk Purchase Annuity (“BPA”) business, where we acquire annuities and deliver the financial stability required to secure pensions currently provided by corporates.
The Open business also comprises our market leading brand – “SunLife” – which sells a range of financial products specifically for the over 50s market and our European business unit which spans Ireland, Germany and the International Bond segment in the UK and operates under the Standard Life brand.