TPR sets secondary net-zero target for 2050

The Pensions Regulator (TPR) has committed to reducing its operational emissions in relation to gas, electricity, business travel, water and waste by at least 90 per cent by 2030, as part of its new secondary goal to reach net zero by 2050 for all emissions.

TPR previously set a net-zero carbon emissions target of 2030 as part of its Climate Change Strategy in April 2021, confirming its intent to outline specific plans to achieve this by 2024.

The latest update therefore aims to deliver on this commitment, establishing the accuracy of TPR's carbon emissions to date, the baseline years it is measuring its net zero targets against, the emissions categories included, and the interventions required for successful delivery of net zero by 2030.

However, TPR's report also recognised that there are gaps, namely in relation to emissions arising from its value chain.

In light of this, the regulator confirmed that it has intentionally omitted some of these emissions from its 2030 target due to the "great difficulty" in delivering sufficient reductions by 2030.

In addition to this, it also set a secondary net zero target for 2050, which covers all of the regulator’s operational emissions.

"We are committing to reducing our operational emissions in relation to gas, electricity, business travel, water and waste by at least 90 per cent by 2030, purchasing carbon credits to offset the residual emissions remaining," the report stated.

"In addition, we are committing to reducing all operational emissions, including those arising from our supply chain and employee commuting, by at least 90 per cent by 2050, again offsetting the remainder. This aligns us to a science-based approach, which seeks to avoid the worst effects of climate change."

Specific interventions planned by TPR include plans to improve its office building management system, reduce business travel by phasing out the use of domestic flying, and transitioning its office electricity supply to renewable energy.

Further detail on TPR's progress to both its 2030 and 2050 targets will be provided in its ARA and future sustainability documentation.

Commenting on the latest update, TPR interim chief operating officer, Ceri Thayer, added: “Our aim is to help the pensions market manage the transition to a net-zero economy, and this report shows how we too are cutting carbon emissions.”

Share Story:

Recent Stories

DB risks
Laura Blows discusses DB risks with Aon UK head of retirement policy, Matthew Arends, and Aon UK head of investment, Maria Johannessen, in Pensions Age's latest video interview

Sustainable equity investing in emerging markets
In these highlights of the latest Pensions Age video interview, Laura Blows speaks to Premier Miton Investors fund managers, Fiona Manning and Will Scholes, about sustainable investing in equities within emerging markets

Building investments in a DC world
In the latest Pensions Age podcast, Sophie Smith talks to USS Investment Management’s head of investment product management, Naomi Clark, about the USS’ DC investments and its journey into private markets
High-yield Investing
Laura Blows discusses short duration global high-yield strategies with Royal London Asset Management head of global credit, Azhar Hussain, in the latest Pensions Age podcast