People's Pension Aims to Slash Carbon Footprint by 30% in Major Green Shift
The People's Pension, a major UK workplace scheme with 6.5 million members, has revealed ambitious plans to reduce its carbon footprint. The pension fund aims to cut its emissions by 30% by shifting £15 billion of its equity holdings towards climate-aware investments. This move comes as the fund eyes significant growth, expecting its assets to double to £50 billion in the next five years.
Leanne Clements, joining from Carbon Tracker, has been appointed as the new head of responsible investment. She will oversee the transition, which initially focuses on developed market equities and utilises the MSCI Climate Change Index. The fund's Chief Investment Officer, Dan Mikulskis, who recently joined from Lane Clark & Peacock, will also play a key role in this process.
Despite not having a formal net zero strategy, the People's Pension pursues a net zero ambition. This commitment is a response to criticism, as the fund scored second lowest in a league table of UK workplace pension providers due to lack of clear interim targets and exposure to fossil fuels and deforestation risks.
The People's Pension's climate aware investment strategy is a significant step towards reducing its carbon footprint. With a growing membership and assets under management, the fund is committed to responsible investing, even in the absence of a formal net zero strategy. The appointment of Leanne Clements and Dan Mikulskis signals a serious approach to achieving this goal.
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