Scottish Widows has released a roadmap to achieving net zero by 2050, claiming this makes it the first major pensions provider to do so.
The company represents £190 billion in savings for more than six million customers and has targeted halving its emissions by the end of this decade and achieving net zero within the next 30 years.
It has also made a commitment to invest up to £25 billion into climate-aware investments, with £1 billion specifically invested into renewable energy, low carbon buildings and energy efficient technologies.
Head of Pension Investments, Maria Nazarova-Doyle, said: “Controlling trillions of pounds worth of investments, the pensions industry has a responsibility to act as a responsible steward for the success of climate solutions – and to exclude investments in high-carbon companies which are resistant to change.
“We look forward to other providers joining us and helping set out how the UK pensions industry will achieve large-scale net zero commitments, setting a clear expectation for high-carbon sectors resistant to change. Together, we can safeguard the future of our customers’ pension savings and our planet.”