As part of its commitment to tackling the climate crisis, Phoenix Group, the UK’s largest long term savings and retirement business, is making a further call to action to all its key partners and suppliers to adopt SBTi carbon reduction targets. Phoenix was among the first UK insurers to make a commitment to help tackle climate change in line with Science-Based Targets (SBTi) and is continuing to take action to drive forward real change that will result in a fairer and greener future.
Phoenix’s carbon reduction commitments on the journey to net zero are:
- by 2025, achieve net zero for direct operational emissions
- by 2030, reduce carbon emissions intensity of £250bn investment portfolio, by at least 50%
- by 2050, achieve net zero in its investment portfolio, applying to c.£300bn assets under administration.
Throughout 2021, Phoenix has been working with its key partners and suppliers, helping and encouraging them to commit to the Science Based Target Initiative and achieve sustainable carbon reduction standards.
In an open letter for a thousand suppliers, Phoenix is now making its expectations clear. This includes expanding the ask for setting carbon reduction targets to its entire supply chain, with a call to action that is in line with Phoenix’s own commitments on the journey to net zero:
When looking at any new partners and suppliers, Phoenix will be prioritising organisations that already have these sustainability ambitions in place.
Tony Kassimiotis, Chief Operating Officer, Phoenix Group said:
“Phoenix was among the first UK insurers to make a commitment to help tackle climate change in line with Science-Based Targets (SBTi) and we are now asking all of our existing partners and suppliers to set clear sustainability targets for their businesses that are aligned with our own goals. We are continuing to take action and to use our influence to encourage others to take action too.”
“Over the past year we have been working closely with our key suppliers and many are already well on track with clear carbon reduction targets. We recognise that the road ahead may be challenging at times and we need to continue to work together if we are to achieve the all-important climate goals. We are not just making our expectations clear to a thousand suppliers and partners, we are also extending our encouragement and our offer of support. We are looking to work jointly and to share best practise as we progress on the journey to net zero together.”
In its letter, Phoenix Group is also laying out its expectations for its suppliers to have clear plans to tackle and report on modern slavery, and to meet best practise in health and safety standards.