UK's Largest Pension Scheme Cuts Carbon Footprint by 30% Without Net Zero Strategy
The People's Pension, the UK's largest master trust with 6.5 million members and £25 billion in assets, has taken significant steps towards reducing its carbon footprint despite not having a formal net zero strategy.
The pension scheme has appointed Leanne Clements, formerly of Carbon Tracker, as its new head of responsible investment. Clements will oversee the shift of £15 billion of its equity holdings towards a climate aware investment strategy, aiming to cut the default portfolio's carbon footprint by 30%.
This move comes after the People's Partnership management announced a measure following a long planning process, specifically targeting the pension's shareholdings. The shift initially focuses on developed market equities and will later expand to other asset classes.
Despite these efforts, the People's Pension scored second lowest in a UK workplace pension providers league table due to lack of clear interim targets and exposure to fossil fuels and deforestation risks. However, the pension scheme is committed to its net zero ambition and is actively working towards it.
With Dan Mikulskis, previously from Lane Clark & Peacock, joining as Chief Investment Officer, the People's Pension expects its assets to double to £50 billion within the next five years. The pension scheme continues to strive towards its net zero ambition, making significant strides despite not having a formal strategy in place.
Read also:
- chaos unveiled on Clowning Street: week 63's antics from 'Two-Tier Keir' and his chaotic Labour Circus
- Racing ahead in Renewable Energy Dominance: Changzhou, Jiangsu Pushes for Worldwide Renewable Energy Ascendancy
- Colorado's Proposition 112: A 2,500-Foot Fracking Buffer on the Ballot
- Renault Group to Discuss Decarbonization and Circular Economy Strategies at ChangeNow 2023 Event
