Scheme says it is on course to accomplish net zero emissions by 2040
Smart Pension has cut the carbon emissions of its default growth fund by 50 per cent as the master trust continues its efforts to reach its net zero targets.
The pension provider, which represents over one million members and over £2.5bn in assets under management, confirmed it was ahead of schedule after it announced in July last year it set a target to halve its emissions before 2025, as well as reaching full net-zero emissions by 2040.
Smart Pension said it would continue to prioritise its efforts to decarbonise its portfolio over offsetting its emissions.
The announcement comes on the back of the launch of its three fully sustainable strategies, all of which will invest in funds to drive sustainability efforts including renewable energy projects, healthcare and clean water.
Smart chief investment officer Paul Bucksey said: "We are delighted to announce that we have halved the emissions in our default growth fund. We are proud to be at the forefront of the UK's sustainability drive, having committed to some of the most ambitious and challenging green targets in our industry, and we are already exceeding them.
"The pension industry has a golden opportunity to drive faster decarbonisation, by investing in businesses that are serious about cutting their carbon emissions. This is exactly why we have an unwavering focus on achieving our 2040 net-zero target. We want to help our members secure not just long-term financial growth but also a safer, healthier world in which they can retire."
Make My Money Matter chief executive Tony Burdon commented that the "ambition and progress displayed by Smart Pension was good to see".
He said: "We welcome that Smart has acknowledged the critical role our pensions play in tackling the climate crisis and recognise the important work undertaken to integrate sustainability into its default offer.
"We know this is what savers increasingly expect from their pension schemes, and so this year we need the whole industry to meet this demand with accelerated action. Through robust stewardship, real world emissions reductions and investments into industries that are tackling the climate crisis, schemes can shape a better, more liveable world for our retirement, all while delivering good returns for their members."
This article first appeared at Professional Pensions.
* This article was originally published here
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