Climate change: Phoenix Group calls for urgent action in three key areas

At an event later today, Andy Briggs, Group CEO of Phoenix Group, the UK's largest long term savings and retirement business, will deliver a Keynote Speech in which he will highlight how the insurance sector has an instrumental role to play in the fight against climate change.

Speaking at The Power of Pensions: Accelerating Action Towards Net Zero, he will be calling for urgent action at scale in three key areas.

• Ahead of COP26, for organisations globally to set robust and ambitious near term science-based emission reduction targets.
• Greater collaboration across the finance industry, with a broad range of stakeholders working together to decarbonise portfolios and finance climate solutions at scale.
• Change in government policy and financial regulation to unlock the trillions of pounds of private investment required for the transition to a low carbon economy

Phoenix Group supports the priorities of phase one of the Government's Green Finance Roadmap which has just been published, which will have a crucial role to play in driving forward essential business action on climate change. Briggs comments:

"As an asset owner with £300bn of investments that we have committed to align to net zero, we believe that net zero transition plans are vital for all organisations, and that transparency of data and consistency of reporting are key if we are to succeed in the challenge of decarbonising our investment portfolio and giving consumers confidence that real action is being taken and reported in a robust way.

"The publishing of the first phase of the roadmap is very timely as today we are hosting an event with experts from across the financial sector to consider the power of pensions and how we can accelerate action towards net zero.

"COP26 will be an important milestone on the journey to net zero, but the real work will start after it. The next decade is going to be critical and we need to act with urgency, and at scale. Only by working together across our industry, and with a broad range of stakeholders, will we be able to bring about the investment and change that is required.

"At Phoenix Group, we are committed to playing our part in creating a green and sustainable future. We have set, and will deliver against, robust and ambitious net-zero targets, using our £300bn of assets under administration to help finance the transition and engaging our customers to invest in a sustainable future.

"But we know we will achieve little on our own, and we have a once in a lifetime opportunity to work collaboratively towards controlling the effects of climate change. The finance industry is a key part of the solution, with the potential to provide trillions of pounds of private investment to support the transition to a low carbon economy. It is vital that, as an industry, we demonstrate clear accountability.

"There remains much to do, but I am confident that together, we can accelerate action towards net zero, and demonstrate the power of pensions."

-Ends-

Enquiries

Nicki Lundy
Head of Media Relations
Phoenix Group
07515 298 302
[e-mail]

Notes to editors

About today's event

19 October 2021 - The Power of Pensions: Accelerating Action Towards Net Zero

Open to everyone, agenda below, register here

Time	Session		Overview
13:30	Welcome	Claire Hawkins, Director of Corporate Affairs and Investor Relations
13:35	Keynote	Allegra Stratton, spokesperson for COP26 President Alok Sharma.	Allegra will share perspectives on the government's plans to support the finance sector in achieving net zero, as well as her hopes for COP26
13:50	Keynote	Andy Briggs, Group CEO, Phoenix Group	Hear direct from Group CEO, Andy Briggs, on shaping a better future for our customers, society and the planet.
14:05	Keynote	Richard Curtis, Filmmaker and Co-Founder of Make My Money Matter	In this key note address, Richard Curtis will highlight the power our pensions have to tackle the climate crisis, and the urgent need for pension providers to set robust net zero commitments.
14:20	Panel: Decarbonising investment portfolios in practice	Sindhu Krishna, Head of Sustainable Investments, Phoenix Group (Chair) Eva Cairns, Head of Climate Strategy, abrdn Jim Barry, Chief Investment Officer of BlackRock Alternatives Investors Clive Emery, Multi Asset Responsible Investments Fund Manager, Invesco	The aim of this panel discussion is to explore how we move beyond pledges to make net zero portfolios a reality. Our panellists will share actionable insights on the three mechanisms available to do this: portfolio design, stewardship and exclusions.
15:30	Panel: Towards a net zero financial ecosystem	James Wilde, Chief Sustainability Officer, Phoenix Group (Chair) Elke Pfeiffer, Senior Project Manager Net Zero Asset Owners Alliance and Vice President Allianz Investment Management SE Ben Pincombe, Head of Stewardship, Climate Change, Principles for Responsible Investment Tony Burdon, CEO of Make My Money Matter Giel Linthorst, Executive Director, Partnership for Carbon Accounting Financials & Director, Sustainable Finance, Guidehouse	A climate emergency is no longer on the horizon, it's already here. As an industry, we must work together to accelerate decarbonisation and reach net zero by the middle of the century. In embracing our responsibilities and shared goals we must accept that the issue is complex, and we cannot achieve it alone. Effective collaboration is essential if we are to meet our targets. In this session expert panellists - representing major global investor initiatives and frameworks - explore key focus areas to collaborate and define best practice on the journey to net zero: measurement and metrics, transition pathways and targets, collective stewardship to drive change and end customer engagement on the positive impact of savings. Panellist will share their work in defining best practice and reveal how together we can play our part in creating a new investment ecosystem.
16:20 GMT	Closing Remarks	Claire Hawkins, Director of Corporate Affairs and Investor Relations

About Phoenix Group

Phoenix is the UK's largest long-term savings and retirement business, with £300 billion of assets under administration and c.13 million customers.

We are a growing and sustainable business with a clear purpose - helping people secure a life of possibilities. This means taking responsible and sustainable investment decisions, and using our presence and voice to advocate on behalf of the UK's savers. We understand that our scale and expertise means that we have an important role to play for our customers, colleagues and our communities.

As life expectancy continues to increase and the pension landscape continues to shift, we will continue to be a safe and dependable ally in the journey to and through retirement for millions of customers, by providing the right guidance and products, at the right time, to support the right choices. We offer a broad range of products for people across all stages of the savings life cycle.

Our strategy focuses on delivering long term, sustainable value and, to fulfil our purpose, focuses on five key areas to ensure we respond to changing customer needs, manage our capital position well, create value, inspire our people, and put sustainability at the heart of our business.

Phoenix is a FTSE 100 company and we feature in the FTSE 100 ESG Select Index. In 2020 we committed to our operations being net zero carbon by 2025 and our investment portfolios by 2050. We have also set near term targets as part of our journey, which will reduce carbon emission intensity by at least 50% by 2030 for £250bn of investments where we have control and influence. Within this, some £160bn of pension investments will be contributing to this reduction, helping millions of people to invest in the future they want to live in.

We are playing an active role in helping to build back better and greener as we invest for the future.

We are a Living Wage Employer and recognised as a Carer Positive Exemplary Employer for offering the best support to colleagues who are carers.

LinkedIn: PhoenixGroup-UK

Twitter: @PhoenixGroupUK