UK. The Pensions Regulator unveils fresh 2030 climate targets
UK regulator plans to focus on cutting gas, electricity, business travel, water and waste emissions in short term on course to achieving net zero across its operations and supply chain by 2050
The Pensions Regulator (TPR) has unveiled a suite of fresh climate targets, including a goal to slash its operational greenhouse gas emissions by 90 per cent by the end of the decade compared to 2017/18 levels.
The UK regulator, which set out its first climate change strategy three years ago, said it would focus on reducing emissions it has most control over in the short term, namely gas, electricity, business travel, water and waste, before dealing with emissions in its supply chain on course to achieving net zero by 2050.
It said it would seek to align its aims with the UK government’s 2050 net zero goal, the UN Sustainable Development Goals, and the Science-based Targets initiative, as well as measuring against other regulators’ net zero goals.
Analysing data from its 2022/23 financial year, TPR said purchased electricity, natural gas and energy-related fuel and activities comprised the majority of its operational emissions (excluding scope 3), respectively taking 42 per cent, 30 per cent and 19 per cent shares of the total.
It comes as the UK pensions industry faces growing pressure to decarbonise its investments on behalf of its savers, amid concerns about pension holders being lumbered with stranded asset risks as the net zero transition gathers pace.
TPR interim chief operating officer Ceri Thayer said: “Our aim is to help the pensions market manage the transition to a net zero economy, and this report shows how we too are cutting carbon emissions.”
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