Royal London has pledged to achieve net zero across its investment portfolio by 2050.
The mutual life, pensions and investment company has also committed to reduce its carbon equivalent emissions from the investment portfolio by 50% by 2030, while developing climate solutions that enable investors to invest in the low carbon transition.
The firm also plans to achieve net zero direct operational emissions by 2030.
Barry O’Dwyer, group chief executive at Royal London, said: “Our population is living longer and, unlike previous generations, we must take responsibility for funding our later lives ourselves. This coincides with a climate crisis that is damaging the world into which we will all retire. In combination, these ultimately put the standard of living we have come to expect in jeopardy.
“This is not the time to be passive. The biggest way Royal London can make a difference in the fight against climate change is through an active investment approach.
“We are engaging with the largest carbon emitters in our investment portfolio to influence their behaviours and to ensure they have ‘Just Transition’ plans in place that consider the impact the changes will have on society.”
In addition, Royal London said that as part of its drive to help customers take responsibility for funding their later lives, it is championing impartial advice and the need to build financial resilience.
O’Dwyer added: “When it comes to advice, we believe impartial financial advice is the gold standard. With more and more people needing support, we are working with advisers to offer our technology to help them scale the provision of impartial advice and guidance so a broader range of individuals can benefit from access.
“We want to offer this technology to help customers whether or not advisers ultimately recommend a Royal London product.”
