Pension providers shorten timescale for decarbonisation
The UK’s biggest pension schemes are setting sweeping targets for reducing the emissions associated with their investment portfolios
UK pension schemes and providers—which manage approximately £2tn ($2.76tn) between them on behalf of savers—are increasingly committing to net-zero carbon portfolios by 2050 with substantial decarbonisation milestones as early as 2025. Many pension schemes are setting near-term targets for taking action because, while 2050 targets are nice to have, ultimately, short-term targets are stepping stones towards the long-term goal. The UN Net-Zero Asset Owner Alliance, supported by substantial pension funds such as the BT Pension Fund and Church of England Pensions Board, recommends implementing a “corridor of emissions reduction” and setting an intermediate partial-decarbonisation target for 2025
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