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The adverse effects of climate change are already being felt around the globe, from wildfires to water shortages and extreme temperatures.
If we are to limit the increase in global average temperatures, we must take urgent, system-wide action to cut the greenhouse gases we emit and achieve net zero emissions by 2050.
To do this, we will need cooperation in the wider economy and action by others, such as governments, regulators and companies in high emitting sectors.
We will reduce the carbon intensity of our listed equity and credit assets by 25% where we can exercise control and influence. We will aim to achieve net zero in our own operations.
We will cut the carbon intensity of all assets where we can exercise control and influence by at least 50% and to halve the carbon intensity of the supplier base.
We are committed to achieving net zero across our entire business
We know that pensions have the potential to encourage and accelerate action to address the climate crisis. Whilst the first priority must be ensuring the delivery of good customer outcomes, pension providers can do this through investing in companies and projects committed to supporting the transition to net zero by 2050 and influencing others to take action.
As the UK’s largest long-term savings and retirement business, we recognise our responsibility to tackle climate change.
By taking the right actions to reduce emissions, we believe we can help our customers reduce their exposure to climate related risk and help them take advantage of the opportunities presented by the net zero transition. And our scale means we can play an important role in advocating for the system-wide change needed to reach net zero by 2050.
We are committed to achieving net zero by 2050 across all our investments, operations and suppliers . The first edition of our Net Zero Transition Plan marks an important step in our journey and shows how we plan to achieve our climate goals.
It outlines the progress we have made and the action we are taking to achieve our interim targets for 2025 and 2030. We have developed the plan in line with the latest industry guidance from the Transition Plan Taskforce and Glasgow Financial Alliance for Net Zero.
Our customers are at the heart of our Net Zero Transition Plan and everything we do has delivering good outcomes for them at its core.
By taking the right actions to reduce our emissions, we can protect customers against risk and help them benefit from growth opportunities arising from the economy-wide transition to net zero. And with a recent study telling us that 64% of our customers consider it important that we influence companies to improve their impact on people and the planet. Over half want us to invest in a way that commits to net zero¹ by 2050 or earlier.
Our investment strategy focuses on three key areas, decarbonising the portfolio, effective stewardship of our assets and investing in climate solutions.
We engage with decision-makers, peers, customers and colleagues to inform our approach and drive wider system change.
We are focused on working to reduce our direct emissions in our operations, and reduce our wider impacts by working collaboratively with our supplier base.
We continue to build, refine and share our net zero plans, considering the evolving landscape and the latest guidance. While the journey ahead is by no means a straightforward one, we are taking action now and helping to create a more sustainable future.
