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Phoenix Group has called for “urgent action” on key climate areas ahead of COP26, as it warned the insurance sector has an “instrumental role” to play in the fight against climate change.
Phoenix Group laid out new carbon reduction targets on Monday, which it said will cut the emission intensity of 250 billion pounds ($338.75 billion) of investments by at least half in less than a decade.
Phoenix Group aims to slash the carbon intensity of its investment portfolio by half within a decade. It also wants reduce the carbon emission intensity of its investments to 25% by 2025.
Phoenix Group has set both 2025 and 2030 carbon intensity reduction targets for its £250bn investment portfolio.
The £10.6bn Transport for London (TfL) pension fund, £4.5bn Avon Pension Fund, and Phoenix Group, which manages £250bn of investments, have all set interim ambitions to reduce financed emissions on the road to net-zero.