Our progress on sustainability

09 October 2023

As Trustee, our key priority is to pay pensions to members of the Scheme and their beneficiaries as and when they fall due. We invest the Scheme’s money to get the returns we need to make sure we meet this duty. We firmly believe that investing sustainably plays an important part in securing members’ pensions and shaping a better future for everyone.

We continue to see evidence of how climate change has serious consequences, and we know it is a risk to the Scheme that must be managed. At the same time, we believe there are, and will be, opportunities to invest sustainably that will provide long-term value to the Scheme’s investments and protect members’ pensions, whilst supporting action against the impacts of climate change.

Last year, we committed to an ambitious 2040 net zero greenhouse gas emissions target. This means that we are working towards managing the Scheme and its investments so that we don’t add any more greenhouse gas emissions into the atmosphere than we take out of it.

In 2022, we also published our first Climate Change Report to provide more information about our net zero journey. In this year’s report, you can read about the governance in place to help us deliver our goals, what we’re doing to make sure the Scheme’s investment managers play their part, the potential impact of climate change on the Scheme’s funding level and the latest carbon emissions data. Download the full report.

For more information about what we’re doing to protect the planet go to the Sustainability section of the website.