Our climate change commitments

As a mutual, we take the long-term view when looking at what’s best for our investments, business, customers, members and society as a whole. We have a legal duty to act in the best interest of our customers, which is why we've developed our own climate change action plan.

We might not be able to predict the future, but we can prepare for it by understanding the risks and opportunities arising from climate change. We believe by doing this, we can help to safeguard the long-term interests of our customers and help them retire into a world worth living in. 

Recognising that climate change is an issue that can impact all areas of our business, we’ve created a strategy that applies to our investment activities, operations, approach to risk management and our commitments to our stakeholders. 

 

We have five key commitments:

Climate risk policy

We require our asset managers to develop and put in place a climate risk policy.

Low carbon economy

We’ll promote the case for moving to a low carbon economy to policymakers and influential stakeholders.

Risk management

We’ll consider climate change risk within our risk management and business planning.

Operating efficiently

We’ll consider climate change risks and opportunities in our own operations.

Keeping you up to date

We’ll report on our progress in our annual report and on our website at least once a year, in line with recommendations from the Task Force on Climate-related Financial Disclosures (TCFD).

We know that climate change will have a long-term impact on customers and society, our investments, business and of course, our planet.         

That’s why we have five key climate change commitments in place.

We require our asset managers to put a climate risk policy in place.  We believe this helps to ensure the companies we invest in are playing their part to support the transition to a low carbon economy.

We’ll promote moving to a low carbon economy to influential policymakers and stakeholders.

We’ll consider climate change risk within our own risk management and business planning.

We’re also examining the fine details of our own operations, like how we can limit our carbon footprint, work more efficiently, and launch initiatives that will help us play our part in tackling climate change.

We’ll report on our progress in our annual report and on our website at least once a year, so you can stay up to date with what we’re doing.

We might not be able to predict the future, but we can prepare for it by having these commitments in place. We believe doing this can help to safeguard the long-term interests of our customers.

 

And help to protect our most valuable asset of all – the environment.

Our climate pledges to reduce our carbon emissions. This image is an infographic and has alternative text available if you are using a screen reader.

Our climate pledges to reduce our carbon emissions

Energy use

  • In 2020 we achieved carbon neutrality in our operational energy use through carbon o setting. We have an action plan to reduce our need to offset year on year.
  • We’ve moved over 2,000 colleagues to a new energy-efficient workplace in Alderley Park, Cheshire.
  • We’ll source 100% renewable electricity to use across our business by 2025.

Less Waste

  • We’ll reduce our internal paper use by 90% and external paper use by 50% by 2025.
  • We continue to send zero waste to landfill and will reduce our total waste by 50% by 2025.
  • We're working in partnership with Mitie to reduce our waste and energy use even further.

Travel emissions

  • We’ll halve our company car emissions by 2025, through travelling less and switching to all-electric vehicles.
  • We’ll halve our rail and air business travel carbon emissions from this year onwards.

Using 2019 as our baseline year.

Cover of our climate change policy

What this means for you

We’ll continue to look for ways to reduce our impact, become more efficient, and always think about the environment when making decisions about our offices and operations.

We take this responsibility seriously, so we’ll measure how we’re performing against our commitments on a regular basis, and will report our own environmental footprint publicly to our customers and members too.

How you can learn more