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Environment Agency Pension Fund

Initial target disclosure: November 2021

Portfolio level

Portfolio level – Portfolio decarbonisation reference target

Baseline: 30 December 2010

Target Year(s): 2025, 2030, 2045

Target(s): tC02e absolute emissions scopes 1 & 2:

  • 2025 = 35,318 (87% reduction)
  • 2030 = 14,580 (95% reduction)
  • 2045 = net zero

Baseline performance: 276,485 tC02e (absolute emissions, scopes 1 & 2)

GHG scopes included: Scope 1 & 2 for all equities. Scope 3 to be included in due course.

Asset classes in scope: The above reductions are for our listed equity portfolio. Across all asset classes, we have a target of halving emissions by 2030 and getting to net zero by 2045.

Portfolio level – Investment in climate solutions target

Target year: 2025

Target: 17% of our investments across the portfolio will directly tackle climate change by helping to reduce emissions or build resilience.

Baseline: No baseline – target is a relative % of total investments.

Methodology: Those assets in the FTSE Sustainable classifications of renewable & alternative energy and energy efficiency and those private market funds from our Targeted Opportunities Portfolio (TOP) which directly tackle climate change through providing lower carbon alternatives.

Asset level

Asset level – Portfolio coverage target

Approach: EAPF is currently undertaking a transition alignment analysis of its listed equity portfolio. Further to this, we will consider what further targets we may set and over which timescale.

Asset level – Engagement threshold target

Approach: The collective engagement baseline across the whole Brunel Pension Partnership is 47.3% of financed emissions. Further to the outcome of our transition alignment analysis, the EAPF will agree with the Brunel Pension Partnership on future engagement priorities and thresholds for action.

Additional information

Scenario(s) used: IPCC scenario decarbonisation curve consistent with a 1.5C scenario (2010 baseline).