17/05/2024

Our net zero hub is now updated

We've developed this hub on our website so that our members and other stakeholders can easily see how we're doing against our net zero targets. You can also find and download our full progress report on the hub too.  Both the report and the hub reflect our commitment to being transparent about the progress that we're making.   

A summary of our goals and our progress is set out below.

  • Reduce emissions by 75% by 2030 from our 2019 baseline
    • In the listed equity part of our portfolio, emissions intensity, as measured in tCO2e/£m invested, has already reduced by 75% compared to our 2019 baseline. This is ahead of our 2030 target and has been delivered partly through our managers’ divestment from extractive fossil fuel companies.
  • Maintain an implied temperature rise that is consistent with the Paris Agreement
    • Our implied temperature rise measure is now showing our portfolio at 1.7˚C, down from 1.8˚C at previous report. This means we are currently 0.3°C ahead of our target.
  • We will increase our investment in the climate solutions needed to meet net zero by 2050 or sooner.
    • IIGCC published their guidance on defining Climate Solutions in November 2023. Without this, it was challenging to set a baseline in time for this report. We will now be publishing this target later in 2024.
  • At least 32% of material sector investments aligning to net zero by 2025
    • 29.5% of all our listed equity holdings in material sectors are considered net zero, aligned or aligning. This is 15.5% above baseline and ahead of schedule for meeting the interim 2025 target of 32%.
  • At least 70% of material sector financed emissions aligned with net zero, aligned or subject to engagement, starting immediately
    • At the end of Q2 2023, 72% of the financed emissions in material sectors in the portfolio were net zero, aligned to net zero or under engagement. This is ahead of the 70% target we set for December 2022 (Q4 2022: 66%).
  • By 2030, we aim to reduce our own Scope 1 and 2 GHG emissions by 50% per full time employee, relative to our GHG emissions in 2022-23.
    • We have been recertified by the Planet Mark, but our operational emissions are likely to increase as post-COVID travel has resumed.

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