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.

To do this, we will need public and private sector cooperation on a global scale to drive the investment in infrastructure and technology that will enable us to become a net zero society by 2050.

By 2025

We will reduce the carbon intensity of our listed equity and credit assets by 25% where we can exercise control and influence

By 2030

We will cut the carbon intensity of all assets where we can exercise control and influence by at least 50%.

By 2050

We are committed to achieving net zero across our entire business

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Pensions and climate change

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 delivering the system-wide change needed to reach net zero by 2050.

Our net zero commitment

We are committed to achieving net zero by 2050 across all our investments, operations and supply chain. 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.

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Protecting our customers

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 80% of our customers are concerned about climate change and 90% expect us to invest their money responsibly, we know it’s what they want us to do.

On our journey to net zero by 2050, we’re focusing our efforts on three priority areas where we believe we can make the most impact. We’re decarbonising our investment portfolio; engaging with others for economy-wide transformation; and leading by example by reducing emissions from our own business and supply chain.

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Our investment strategy focuses on three key areas, decarbonising the portfolio, effective stewardship of our assets and investing in climate solutions.

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We will engage our customers and use our scale to drive wider system change.

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We will lead by example and decarbonise our operations to reduce our direct emissions, and work with suppliers who support our climate ambitions and have carbon reduction targets in place.

Our journey to net zero

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 to achieve net zero and help create a sustainable future for us all.