Baseline: 31 December 2020

Portfolio emissions level in baseline year: Portfolio emissions in the baseline year will be calculated and confirmed during 2023.

Target Year(s): 2030, 2050

Quantified target to be achieved by target year 2030: Reduce by 50% the Fund’s carbon intensity (tCO2e/£m invested), for assets where emissions are calculated using line by line data and can therefore be more accurately measured. The Fund is measuring financed emissions using EVIC (enterprise value, including cash), which aligns with NZIF (Net Zero Investment Framework) guidance.

2050: Net zero carbon (CO2e)

Asset classes in scope: Listed equity and public credit (c.23% of the AUM as of September 2022).

How the intensity target relates to a reduction in absolute emissions: The numerator of the EVIC intensity metric is absolute carbon emissions and therefore there is a correlation between the two metrics.

GHG scopes included: Initially Scope 1+2 will be used. As Scope 3 data improves and regulatory requirements come into force, Scope 3 will be considered for inclusion in the target

A high-level ambition to increase investments in climate solutions over time and update stakeholders on these via ongoing public disclosures such as TCFD reports.

A framework and methodology for monitoring and targeting exposures in climate solutions will be utilised. Where possible and consistent with the overall investment strategy of the Fund, proactive measures will be taken to increase this allocation.

The Fund tracks and will disclose annually the SBTi (Science Based Targets initiative) alignment of the portfolio. This will involve monitoring the proportion of invested assets that correspond to each SBTi classification.