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Purposeful investments and a greener, more sustainable world
Sitting within the ‘E’ of ESG is the impact of climate change. As the planet faces its fastest changing temperatures in history, there is an urgency to act. The immediate and material impact of climate change risks the stability of environments, societies and economies across the globe. These risks affect, our industry, our policyholders and our business. This makes climate change a strategic consideration for us.
We’re seeing more frequent and more extreme weather events – which impacts agriculture, farming and food supplies along with infrastructure and water supply. In turn, these events create increased migration from climate-affected regions and more conflict over our natural resources.
All of this is a result of global temperatures continuing to rise above pre-industrial levels. Without making big changes to our global greenhouse emissions there will be devastating environmental and societal implications – directly affecting our policyholders and our business.
PIC’s approach to climate change is incorporated into the Group’s wider ESG strategy and overseen at Board-level. PIC’s TCFD report contains insights into PIC’s climate specific strategy, risk management and governance, as well as how climate is integrated within the PIC portfolio. It also includes PIC’s specific climate related targets and plan on reaching these.
PIC has also published its first Transition Plan aligned to the Transition Plan Taskforce (TPT)
Asset owners like PIC hold the key to significant amounts of capital and have a critical role to play in identifying and managing opportunities to drive change:
Our long-term investment view means we have the ability to match long-dated climate solutions with appropriate capital.
We measure and report on our carbon footprint both across the assets we hold and our own business.
We look at the impact of our own emissions as well as those of our investment portfolio. Disclosing relevant and transparent metrics and setting meaningful targets to address Scope 1 – 3* emissions is essential to ensuring progress is made and monitored.
We are reducing our total energy consumption and carbon emissions (Scope 1 and 2)* at our offices. This is being effected through a series of cumulative actions and bigger changes. For example, all the energy used in our office is now provided by a renewable energy supplier.
*Scope 1,2 & 3 explained
