Phoenix : publishes its Net Zero Transition Plan with its full c£0.3…

Phoenix Group, the UK's largest long-term savings and retirement business, is today publishing its Net Zero Transition Plan which details how it plans to collaborate and drive forward the change that will be necessary to achieve a net zero economy by 2050. In developing its Plan, Phoenix has placed its customers front and centre. The Group's focus will continue to be on managing the risks and maximising the opportunities of climate change for its customers.

Phoenix's Net Zero Transition Plan outlines a roadmap which is designed to decarbonise its investment portfolio, its supply chain and its operations. Of these components, Phoenix's investment portfolio accounts for 99% of the Group's emissions.

The Net Zero Transition Plan is built on science-based targets and is aligned with the UK Government's Transition Plan Taskforce (TPT) disclosure framework and guidance from the Glasgow Financial Alliance for Net Zero (GFANZ).

The Group is making good progress towards achieving its first interim target of a 25% reduction in the carbon intensity of around £160 billion* of listed equities and credit by 2025. It has introduced an exclusion policy, transferred 1.5 million workplace pension customers into sustainable multi-asset strategies, which applies an ESG approach to circa £12 billion of assets under administration and is also in the process of deploying circa £340 million of policyholder assets into a multi-asset climate solution. Phoenix also remains committed to at least a 50% reduction in the carbon intensity of around £250 billion* assets it has control over by 2030, and to becoming a net zero business by 2050 or earlier.

Over the past two years Phoenix Group has also invested £0.7 billion of its capital in climate solutions.

Bruno Gardner, Head of Climate Change at Phoenix Group, said:

"The publication of our Net Zero Transition Plan is an important milestone on our journey to being a net zero organisation. It brings together the clear targets and positive steps we've already taken - such as achieving our targets for our own operations three years ahead of plan - with detail on the tangible action we're taking to deliver real economy impact at considerable scale.

"Our Net Zero Transition Plan also sets out the three core principles in our Climate Action Model: by investing for the future, engaging to multiply our impact, and leading by example, we intend to play a key role in delivering a net zero economy.

"But we know we'll need to do things differently over time, especially as our targets become more challenging as we become increasingly dependent on the decarbonisation of the wider economy. We're committed to working with industry partners and government to drive system-wide change - and in line with Transition Plan Taskforce guidance, which we helped shape, we'll update on progress annually."

Claire Hawkins, Director of Corporate Affairs and Investor Relations at Phoenix Group, adds:

"At Phoenix, our role and purpose is simple: we invest and manage assets on behalf of our customers, to help them secure a life of possibilities. Tackling climate change is core to our business, and as we take the right actions to decarbonise, our focus is on helping our 12 million customers manage risk and grow their investments.

"80% of our customers say they're concerned about climate change - and through our size and scale we can really make a difference. But we can't do this on our own. Decarbonising investment portfolios and financing climate solutions at scale demands new approaches, and we're committed to working with government, regulators and peers to support wider decarbonisation of the economy and combat the climate crisis."

The Rt Hon Chris Skidmore MP, Former Energy and Clean Growth Minister, and Chair of the Net Zero Review, comments:

"Transition plans play an important role in the decarbonisation of the economy and the greening of the financial system. I strongly welcome the publication of the Phoenix Group Net Zero Transition Plan, which details how it plans to collaborate and drive forward the change necessary to become a net zero economy by 2050. It is clear that the financial services sector will play a crucial role in funding the transition to net zero, so it is hugely encouraging to see Phoenix Group today set out a roadmap designed to decarbonise their investment portfolio, supply chain and operations."

*based on 2021 valuations

Enquiries

Dilesh Sangaran
Phoenix Group
07974 604 323
[e-mail]