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As a long-term savings and retirement business, we hold money on behalf of our policyholders and shareholders, which is invested in assets such as shares and bonds.
Each investment we make forms part of our investment portfolio and equates to part ownership of a company or asset and a proportion of its carbon footprint.
When we add together the carbon footprint that we are responsible for of all the investments across our portfolio, it equates to c.99% of our total emissions. By taking action to reduce emissions across our investments, we can have the greatest impact.
We aim to do this by influencing the companies we’re already invested in to take action to reduce their emissions, and tilting our investment portfolios towards those companies on a credible path to reaching net zero.
All future actions will be carefully reviewed to ensure decisions are always made in the best interests of our customers.
We aim to achieve net zero across our investment portfolio by 2050 and have set ourselves interim targets for 2025 and 2030.
And we are now looking to introduce strategies to reduce emissions across the remaining parts of our £160 billion equity and credit portfolios.
As a significant shareholder in many companies around the world, we have the power to positively influence their behaviour. That’s why we have developed a programme to engage and support companies with their action to reduce emissions.
We are working with companies we invest in to support and monitor their net zero transition efforts. We continue to implement our stewardship programme, engaging with investee companies and our asset management partners on climate change. We engaged directly, through meetings, with 23 of our 25 highest emitting companies as part of our climate engagement programme, both individually and collaboratively, through organisations such as Climate Action 100+ and the Net Zero Engagement Initiative. We sent letters to the other two companies we did not engage with through meetings.
We are also working with our asset management partners to indirectly engage and influence the behaviour of hundreds of other companies we invest in.
We are committed to increasing our investment in climate solutions to deliver net zero by 2050. The opportunity is huge: it is estimated that around £2.4 trillion of investment will be required by 2035 to meet the UK’s emission reduction goals. And the pension industry has the potential to fund up to half of this investment1.
Our approach to investing in climate solutions encompasses investment in climate solution funds, investment in venture capital funds and direct investment in companies and projects. We have already invested nearly £2 billion of our capital in climate solutions since 2022, including nearly £550 million of shareholder capital in 2024.. Our aspiration is to invest up to £40 billion in sustainable, transition or productive assets, including climate solutions that will support the climate change agenda, economic growth and prosperity over the long term, but to do this, we’ll need the right regulatory and policy framework enabling access to transformative investment projects that offer an attractive returns profile.
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.
