
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 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.
Over the past year, we’ve continued to refine our governance approach, deepened our engagement with investment managers on Environmental, Social and Governance (ESG) issues, and have worked with our investment consultant to enhance the way we measure the Scheme’s carbon footprint.
Our 2024 Climate Change Report demonstrates our unwavering commitment and ongoing progress in understanding and managing climate risks and opportunities.
The Scheme invests in renewable energy assets, one of which is the Greencoat Solar II Fund. As at 31 December 2023, the fund owned 122 operating solar farms and 2 solar farms in construction. During 2023, the fund avoided approximately 356,000 tonnes of CO2 and generated enough renewable electricity to power 330,000 homes.