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Oxfordshire County Council Pension Fund

Initial target disclosure: March 2022

Portfolio level

Portfolio level – Portfolio decarbonisation reference target

Baseline date: 31 December 2019

Baseline performance: 248tC02e/$mn invested

Target year(s): 2050 with annual reduction target


  • 7.6% annual emissions reduction target
  • Net-zero emissions by 2050

GHG scopes included: Scope 1, 2 and first tier scope 3 emissions.

Desire to use full scope 3 subject to reliable data being available and an acceptable methodology for inclusion.

Asset classes in scope: Currently reporting is available on listed equities and corporate bonds but the target is intended to apply to all asset classes which will be incorporated as data/methodologies are developed.

Methodology/ net zero scenarios: Our targets are based on the required level of emissions reductions quantified in the 2019 United Nations Environment Programme Emissions Gap report to limit warming to 1.5°C.

Portfolio level – Investment in climate solutions target

Qualitative goal: We commit to increasing investment in climate solutions, where possible.

Methodology: To date the Fund has primarily sought to increase allocations to climate solutions through asset allocation decisions. The Fund has made an allocation to a sustainable equities portfolio that invests in companies that address sustainability challenges and has increased commitments to renewable infrastructure investments.

We are hoping to use the Net Zero Investment Framework work on climate solutions to be able to set a quantitative target that is supported by science.

Asset level

Asset level – Portfolio coverage target

Baseline: We do not currently receive alignment data or have a target for alignment stages.

However, this is being actively considered by the Pension Funds Pool Brunel.

Further work: The Fund is working on using the alignment guidance issued by IIGCC under the PAII to develop a target-based approach to engagement. This is still in progress and will feed into a Climate Stocktake being run by Brunel this year where an agreed approach between the 10 client funds will be sought. The agreed approach will commence in 2023.

Asset level – Engagement threshold target

Approach: The collective engagement baseline across the whole Brunel Pension Partnership is 47.3% of financed emissions. Please see our Engagement Policy. The Pension Fund’s engagement priorities in relation to climate change are to initially focus on CA100+ companies with the aim of them meeting the criteria under the IIGCC NZIF guidance in phases and by set deadlines. Where these are not met the companies will be considered for potential exclusion.

Oxfordshire’s Policy will form our input into the process currently underway in Brunel to revise their Climate Change Policy alongside the nine other client funds. The new Brunel Policy is expected in early 2023.

In addition, the Fund is a member of the Local Authority Pension Fund Forum which engages with companies on behalf of its 85 LGPS Fund members.

Additional information

Methodology: The annual reduction target adopted by the Fund has been set in line with scientific assessment of the level of reductions required to align with the IPCC 1.5°C scenario.

Operational emissions: The Fund has a 2030 net-zero emissions target for its own operations.