People's Pension Aims to Double Assets, Slash Carbon Footprint by 30%
The People's Pension, managing £25 billion for 6.5 million members, has outlined ambitious plans to tackle climate change. It aims to double its assets to £50 billion within five years, with a significant shift towards climate-aware investments.
Leanne Clements, joining from Carbon Tracker, has been appointed as the new head of responsible investment. She will oversee the transition, initially focusing on developed market equities. The pension fund aims to reduce the carbon footprint of its default portfolio by 30% by shifting £15 billion of its equity holdings to climate-aware strategies.
Dan Mikulskis, previously at Lane Clark & Peacock, has taken the helm as Chief Investment Officer. He will work alongside Clements to achieve these goals. Despite not having a formal net zero strategy, the People's Pension pursues a net zero ambition and has scored poorly in recent league tables due to lack of clear interim targets and exposure to fossil fuel and deforestation risks.
The People's Pension's climate-aware shift is a significant step, but it must set clear targets and reduce its exposure to fossil fuels to meet its net zero ambition. With experienced hires and ambitious plans, the pension fund is poised to make a substantial impact on the UK's investment landscape.
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