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Our journey to Net Zero

Purposeful investments and a greener, more sustainable world

The focus

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.

The impact

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.

The need to change

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.

Climate report (TCFD) 2023

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. 

Climate transition plan

PIC has also published its first Transition Plan aligned to the Transition Plan Taskforce (TPT)

PIC is committed to being carbon neutral within our own emissions by 2025


PIC is committed to being Net Zero across all sources of emissions – including our investment portfolio, by 2050


PIC is a member of the United Nations-convened Asset Owner Alliance

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.


  • working towards decreasing our portfolio’s average carbon intensity by 50% by 2030 from 2019 levels. With an interim target of reducing our corporate credit portfolio’s average carbon intensity by 25% from 2019 levels by 2025
  • using third-parties such as MSCI to help us map carbon emissions of our publicly listed credit portfolio. For our privately-sourced debt we are using industry available information and our own methodology (which is explained in more detail within the TCFD Methodology report)
  • not owning any investment in a company that derives more than 10% of turnover from coal extraction & burning and tar sands. We aim to divest from all holdings in these areas by 2025
  • not making any new purchases in the oil sector – including exploration and production, drilling and field services
  • looking to add to our investment of over £1.5bn in renewable energy
  • finding more social housing developments to invest in to add to the more than £3.2billion invested in this area

*Scope 1,2 & 3 explained

  • Scope 1: direct emissions from resources we own and control, like heating or cooling the office
  • Scope 2: indirect emissions owned by us, this is our consumption of purchased electricity, heating and cooling
  • Scope 3: indirect emissions not owned by us. The bulk of these emissions lie within our investment portfolio


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