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If we want to encourage and influence others to play their part in achieving net zero, we must lead by example. While our own operations and supplier base are a small percentage of our overall carbon footprint, they form a crucial part of our plan.
We are clear on what we need to do to reduce emissions across our operations and the supplier base.
We are proud to have already achieved our Scope 1 and 2 2025 emissions reduction targets for our own operations, three years ahead of schedule and to report 94% of our material suppliers (those critical to our operations) have set science-based carbon reduction targets.
To achieve our operational net zero targets, we have developed an operational carbon reduction strategy to manage our carbon emissions that follows the best practice Eliminate-Reduce-Substitute-Compensate model. This model supports our financial planning, decision-making and spending on activities to manage the carbon footprint of our operations. In practical terms this largely means a combination of purchasing renewable energy, investing in energy efficiency measures, encouraging sustainable behaviours and some buildings consolidation.
Phoenix Group aims to achieve a Net Zero Supply Chain by 2050 with an interim objective to halve the carbon intensity of the Supplier Base by 2030. This target affects all Phoenix Group’s Supplier Base. Phoenix Group has around 1300 active suppliers. Of those suppliers, 50 account for C.69% of our Supplier Base’s absolute emissions. Our Top 10 highest emitting suppliers account for C.35% of the Supplier Bases total emissions. Our efforts are data led and will be focussed on those suppliers who are materially important to achieving our Net Zero ambition.
Our ESG Supplier Standards, sets out the minimum sustainability criteria suppliers are required to adhere to in order to do business with us and we have performed our first climate risk assessment on the material supplier population. In the future, our efforts will be focussed on further embedding ESG into the procurement process, upskilling our colleagues who conduct sourcing activities and engaging our top 10 highest emitting suppliers on their Net Zero progress.
Over the next few years, we will introduce sustainable sourcing and procurement policies which will encourage greater action from our suppliers.
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.
