Royal London, the UK’s largest mutual life, pensions and investment company, has committed to actions which will help protect customers’ standard of living and not just focus on product outcomes.
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Royal London Press Office
- Email: firstname.lastname@example.org
Notes to Editors
- The term Net Zero means achieving a balance between the amount of greenhouse gases emitted into the atmosphere and the amount removed from it. The commitment is based on the expectation that governments and policy makers will deliver on commitments to achieve the 1.5°C temperature goal of the Paris Agreement. It also assumes this action does not contravene Royal London’s fiduciary duty to external investors. The commitment is baselined on the year 2020. It includes assets that are controlled by the Royal London Mutual Insurance Society Limited and are managed on its behalf by Royal London Asset Management Limited (RLAM). This includes the regulated investment funds managed by RLAM. It excludes segregated mandates managed by RLAM on behalf of its external clients.
- Net Zero direct operational emissions, with only residual offsetting. The commitment is baselined on the year 2019, as carbon emissions were significantly reduced by the impacts of Covid-19 in 2020. By 2025 the company is aiming to reduce its direct emissions by 60%, to be using 100% renewable electricity across its offices and to reduce its internal paper use by 90% and external use by 50%. In addition, it is committed to reducing its business travel carbon footprint by 50% going forward. It is also working with its suppliers to measure and manage its indirect operational emissions.
- The concept of the Just Transition aims to ensure that social issues are taken into account in moving to a low carbon economy. A just transition ensures climate action also supports an inclusive economy and avoids exacerbating existing injustices, or creating new ones. In simple terms, ensuring that the people affected are taken into account.
About Royal London
Royal London is the largest mutual life, pensions and investment company in the UK, with assets under management of £147 billion, 8.7 million policies in force and 4,232 employees. Figures quoted are as at 31 December 2022.
Learn more at royallondon.com