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Why climate change matters

As a responsible owner we invest for strong retirement outcomes for our members. We see climate change as one of the most significant long-term risks to our portfolio and, therefore, our members’ retirement outcomes. 

How we manage climate risk

Our 2023 Climate Transition Plan spells out our climate-related targets. It also describes the five strategic pillars which underpin the Plan and help us achieve our targets.

Our overarching commitment is to support an orderly and equitable transition to net zero GHG emissions through our investment activities, stewardship and advocacy. Our underlying targets to support our commitment are to:  

Strive for net zero GHG emissions in our portfolio by 2050

Support an economy-wide 45% reduction in GHG emissions by 2030

Strive for 45% reduction in scope 1 and 2 emissions in our portfolio1 by 20302 

1Reduction will be measured against a 2020 baseline, where possible. Reductions for investment sectors where a later baseline has been completed may be pro-rated accordingly. It is noted that not all asset classes have a financed emissions calculation methodology, and it is likely these will continue to be excluded from this calculation and target until a suitable methodology has been determined.

2A guiding range of 40-50% has been acknowledged by the Board, in the event that a fund or investment activity may change the portfolio significantly, such as a merger or large acquisition.

The journey so far


We recognise that our plans need to evolve over time

We regularly review and renew our approach to climate change in line with advances in understanding and climate science.

Read more about how we respond to dynamic and rapid changes occurring in climate change science and investing.

Where to next?

Responsible investment reports

Each year, we update members on our responsible ownership approach and areas of focus. We also give an update on our climate plan’s progress. 

Investing in climate solutions

We look to invest in climate solutions which support the transition to a low carbon economy.
These articles will help you learn more about how we’re investing in climate solutions.