Pension Insurance Corporation (PIC) has pledged to achieve net zero emissions by 2050, including within its £50 billion investment portfolio.
It has set a target of achieving carbon-neutrality within its own operations by 2025 and become a member of the Net Zero Asset Owner Alliance; a group of investors committed to making their portfolios net zero.
PIC stated it now has more invested in renewable energy than in oil and gas, with a total investment of £11.4 billion in environment, social and governance (ESG) assets.
Tracy Blackwell, CEO of PIC, said: “The response by government and asset owners to climate change is one of the defining issues of our age.
“PIC recognises the urgency of curbing global warming in line with the Paris Agreement and we are proud to join dozens of other institutional investors through the AOA to help that effort. We fundamentally believe that achieving net zero is the right thing to do both for society and for our policyholders as we fulfil our purpose over the coming decades.”