Cornwall Pension Fund
Portfolio level
Portfolio level – Portfolio decarbonisation reference target
Baseline: December 2020
Baseline performance: 31,423 tC02e (absolute emissions) (for listed equity fund holdings of $940 million)
Target Year(s): 2025, 2030, 2045
Target(s):
- For the whole fund: -50% CO2e by 2030, net zero by 2045
- For listed equity: -43% CO2e by 2025, -76% CO2e by 2030, net zero by 2045
GHG scopes included: Scope 1 & 2 for all equities, scope 3 to be included in due course
Asset classes in scope: Currently listed equity. Cornwall’s updated RI policy includes a commitment to expanding the Fund’s Net Zero target setting to incorporate other asset classes, targeting a whole of Fund approach for example, including property and infrastructure in 2022 and private equity and debt in 2022/23.
Portfolio level – Investment in climate solutions target
Approach: Cornwall’s updated RI policy includes raising the Fund’s sustainable/low carbon allocation target to 30% (currently 15%) by 2025. This currently includes a dedicated allocation of 2% to renewable infrastructure (although in practice the investment in this will be higher as part of the Fund’s broader infrastructure allocation) and also an allocation to UK Renewable Energy through the Fund’s Social Impact Portfolio.
Asset level
Asset level – Portfolio coverage target
Approach: Cornwall’s updated RI policy includes a commitment to developing a more detailed implementation plan for the listed equity portfolio and adopt integration (risk reduction), stewardship (transition capacity) and green targets for the portfolio.
Asset level – Engagement threshold target
Approach: The collective engagement baseline across the whole Brunel Pension Partnership is 47.3% of financed emissions. Cornwall’s updated RI policy includes a commitment to developing a more detailed implementation plan for the listed equity portfolio and adopt integration (risk reduction), stewardship (transition capacity) and green targets for the portfolio.
Additional information
Scenario(s) used: IPCC scenario decarbonisation curve consistent with a 1.5C scenario
The Fund has already achieved a 77% reduction in absolute emissions for the equity allocation between 2010 and 2020 (this equates to approximately 160,000 tCO2e).
See our Responsible Investment page, which includes our latest Responsible Investment Policy and our Responsible Investment Outcomes Report for the previous financial year.