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The National Trust for Places of Historic Interest or Natural Beauty

Initial target disclosure: June 2022

Portfolio level

Portfolio level – Portfolio decarbonisation reference target

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.

Portfolio level – Investment in climate solutions target

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’

Asset level

Asset level – Portfolio coverage target

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

Asset level – Engagement threshold target

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.

Additional information

Methodology: Rather than try to ‘optimise’ a fair share of the 50% reduction, the NT aims to achieve more than its fair share of the reduction through accelerated decarbonisation of the portfolio and significant targets for investment in climate solutions.

Fossil fuel investment: The NT avoids any investment in businesses with material production of coal or other fossil fuels. See how we’re changing our investment policy.

Operational emissions: Operational emissions are targeted to be net zero by 2030.