We’ve committed to achieving net zero across our investment portfolio, own operations and supply chain by 2050 or sooner. It’s important for us to play our part in delivering a net zero economy whilst prioritising delivering good outcomes for our customers. And while there’s more to do to meet our 2050 targets, we’re pleased to say we’re on track to meet our 2025 targets.

Published in 2023, our Net Zero Transition Plan sets out the actions we plan to take to become net zero by 2050 and achieve our interim targets in 2025 and 2030 across our investment portfolio, operations and supply chain. Since then we’ve made progress on our journey, and we will publish our updated Net Zero Transition Plan early in 2026.

Our progress towards our net zero goals

1. We are building momentum on our journey to net zero by 2050. We have taken action in our investment portfolio, operations and supplier base and we are now building on these foundations to achieve real scale.
2. We are on track to achieve our 2025 interim targets for listed equity and credit assets and our own operations under most scenarios.
3. Our ability to meet our 2030 and 2050 targets is less certain. It is likely we will need to take further action and we will become increasingly dependent on decarbonisation in the wider economy and action by others, in particular governments, regulators, companies in high emitting sectors and our suppliers.

Work is well underway to publish our updated Net Zero Transition Plan next year. This will set out our plans for the next phase of our journey to net zero as we work towards our 2030 interim targets.

References

1. The Sixth Carbon Budget The UK’s path to Net Zero
2. Of a total of £292bn in AUA.
3. As a portion of approximately £1 billion originated in sustainable and transition assets in YE2024.