BT Pension Scheme Targets Net-Zero Emissions by 2035
09 October 2020 - 1:30AM
Dow Jones News
By Maitane Sardon
BT Pension Scheme said Thursday that it will aim to achieve
net-zero carbon emissions across its investment portfolio by 2035,
as part of its goal to limit the financial risks climate change
poses.
The scheme is one of Britain's biggest corporate pension funds
with 55 billion pounds ($71 billion) in assets and it invests on
behalf of 300,000 current employees of British telecoms giant BT
Group PLC.
The scheme said it will make big changes to the investments it
holds over the next few years including adding more bonds and
income assets, which it says create opportunities to invest in
companies with a lower carbon footprint.
It also said it will select asset managers that can deliver
investment returns and achieve its new climate objectives. It will
ask the managers to report their progress against a net-zero
scorecard and to engage with companies on sustainability
issues.
It will require the companies it invests in to disclose their
carbon emissions and have a plan for emissions reduction. The
scheme could sell its stake in the companies if it believes they
aren't making enough efforts to curb their emissions.
The scheme said its new climate policy aligns with the Paris
climate accord and reflects its members' attitude toward
responsible investments. It conducted a survey in February and
found that 65% of its members expect the scheme to use its funds to
make a positive impact on the environment and society.
Write to Maitane Sardon at maitane.sardon@wsj.com
(END) Dow Jones Newswires
October 08, 2020 10:15 ET (14:15 GMT)
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