Wiltshire Pension Fund
Portfolio level
Portfolio level – Portfolio decarbonisation reference target
Baseline: 31 December 2020
Target Year(s): 2025, 2030, 2050
Target(s):
- For the whole fund, all portfolios will be net zero by 2050, and we will target a reduction of 50% by 2030.
- For listed equity portfolios, we target a reduction of 43% by 2025 and 69% by 2030.
Baseline year performance: 49tC02e/$mn invested
GHG scopes included: Target setting currently only includes scope 1 & 2, with plans to include scope 3 over time, in line with the Net Zero Investment Framework recommendations.
Asset classes in scope: As specified above
Portfolio level – Investment in climate solutions target
Target: We commit to allocating 30% of the Fund to sustainable/low carbon assets by 2025, and 35% by 2030 (as measured by the long-term strategic allocation).
We have set a strategic allocation of 5% of the Fund to renewable infrastructure, which will include climate solutions.
We will refine and make this target more specific in the future.
Asset level
Asset level – Portfolio coverage target
Target: No target currently set – a more granular implementation plan is in progress
Baseline: 31 December 2020
Baseline year performance: 6.2% (of listed equities) meeting at least “aligning” criteria in baseline year.
Asset classes in scope: Listed equity
Asset level – Engagement threshold target
Baseline: The collective engagement baseline across the whole Brunel Pension Partnership is 47.3% of financed emissions.
Additional information
Methodology: The methodology used is “accelerated 1.5 degree decarbonisation curve”.
Fair share: Our whole fund target is consistent with delivering a fair share of the 50% global reduction in CO2 emissions by 2030, and our listed equity target is more ambitious, which increases our chances of success. Some of our highest emitting holdings are in utilities companies, but we monitor whether these are setting ambitious decarbonisation targets, so believe that our holdings are in companies which are leaders in this space and will be able to reduce emissions ahead of the overall fund target.
Our Wiltshire Pension Fund – Climate page sets out out strategy, action plan and net zero roadmap.
Wiltshire Pension Fund case studies