Baseline date: 31 December 2019

Baseline performance:

• 177,050 tons CO2e
• 109 tons C02e/$mn invested

Target year(s): 2030

Target(s): 50,000 tons CO2e gross or zero emissions net of carbon credits generated by investments in reforestation

GHG scopes included: Coverage for now is scope 1,2 only. Zero fossil fuel policy limits the amount of scope 3 emissions, however. It is our intention to include Scope 3 emissions when we can rely on sufficiently robust data.

Asset classes in scope: Listed equity, corporate fixed income, multi-asset/absolute return & PE/VC

Net zero scenarios: The aggressive target has been set well in excess of any Paris aligned scenario in acknowledgement that some investors will fail in that goal, so those able to show leadership and go further should do so.

Quantitative target

Baseline date: 31 December 2020

Baseline performance: $70.4m of assets

Target year: 2030

Target: $350m

13% of assets, assuming 2.5% inflation 2021 onwards

Methodology: Assets meet MSCI definition of Climate Solutions, specifically ‘Alternative Energy’, ‘Energy Efficiency’, ‘Green Building’, and ‘Sustainable Agriculture’

Baseline date: 30 September 2021

Baseline performance: 33% of assets meeting at least “aligning” criteria

Target date: 2025

Target: 70% meeting least “aligning” criteria

Asset classes in scope: Listed equity and corporate fixed income

Data sources: CA100+ benchmark, Transition Pathway Initiative, SBTi

Target: 70% of financed emissions (in material sectors) that are either already meeting net zero “aligned” criteria or that will be subject to direct or collective engagement & stewardship actions.