TPT Retirement Solutions has shared its Climate Action Plan, including interim targets to reduce the carbon intensity of its investment portfolio by at least 25 per cent by 2025.

As part of the provider’s commitment to reaching net zero by 2050, or sooner, TPT Retirement Solutions has also committed halving portfolio emissions by 2030.

Additionally, by 2030, TPT has committed to seeking positive change from 90 per cent of financed emissions operating in high carbon intensive sectors and rapidly increasing investments towards business activities driving the abatement of greenhouse gases.

TPT initially committed to reaching net zero in June 2021, as part of its commitment to the Paris-Aligned Investment Initiative (PAII), having also adopted PAII’s Net-Zero Investment Framework (NZIF) as part of this.

The net-zero plan already covers listed equities, corporate fixed income, sovereign bonds and real estate. although TPT also confirmed plans to incorporate other asset classes once data and credible net zero assessment methodologies become available.

More broadly, the provider emphasised that it continues to have "regular dialogue" with the investment community, policymakers and other financial industry participants in order to improve data quality, and identify investment opportunities presented by the transition.

Commenting on the plan, TPT Retirement Solutions chief investment officer, Cliff Speed, stated: “Businesses today are expected to operate – and invest - in a climate-ambitious way. For us, this means taking an approach to managing our investment risks and opportunities on behalf of our members in line with our fiduciary duty.

"Our efforts are sustained by our work with the Paris Aligned Investment Initiative (PAII), which provides a framework to help assess new opportunities that come from the global drive towards net zero.

“We continue to develop our ability to measure the carbon intensity of our investment portfolio, as well as ensuring our operational emissions are aligned with our net zero ambition.

“As part of our plan, we have enhanced our assessment of climate-related risks and opportunities, embedded scenario planning and adopted metrics and targets."

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