Sustainable Company Awards 2023

Net zero progression of the year, EMEA: Phoenix Group

UK long-term savings and retirement business Phoenix Group was praised by one Sustainable Company Awards judge for its "fully comprehensive approach covering investors and [its] supply chain…with some key outcomes already achieved.”

Phoenix has set the following interim targets across its investment portfolio, operations, and supply chain as it works towards its net-zero ambition for 2050:

  • A 25% reduction in the carbon emission intensity of listed equity and credit assets it has control over and net zero across its own operations (Scope 1, 2, and Scope 3 - business travel) by 2025
  • A 50% reduction in the carbon emission intensity of its investment portfolio it has control over and 50% reduction in the carbon intensity of its supply chain by 2030.

The insurance group intends to achieve net zero in its £310 billion ($393 billion) investment portfolio and supply chain by 2050.

Targets for Phoenix's operations (Scope 1 and Scope 2) and investment portfolio have been submitted for accreditation by the Science Based Targets initiative (SBTi):

Phoenix reports the following progress towards these targets with highlights in 2022/23, including:

  • Reducing the carbon emissions of its operations in Scope 1 and Scope 2 operational intensity by 80%, from the 2019 baseline.
  • £2.3 billion invested to date in sustainable infrastructure projects over the last two years.
  • Pursuing climate change targets in its supply chain with 82% of key suppliers committed to either a SBTi-based target or a target based on the UN's Race to Zero initiative.
  • Engaging with investee companies to encourage decarbonisation.

Bruno Gardner, head of climate change at Phoenix Group commented: "Winning this award is a testament to the brilliant work of Phoenix colleagues from across the business. We are extremely proud of what we have already achieved and excited to be playing a leading role in tackling climate change – while simultaneously helping our customers secure a life of possibilities."