Phoenix Group

Phoenix Group's carbon emissions demonstrate a significant increase in reported Scope 3 emissions in 2024 compared to previous years. For the reporting year 2024, Phoenix Group's total emissions reached approximately 25.2 billion kg CO2e. This comprises Scope 1 emissions of about 66.9 million kg CO2e, Scope 2 emissions of approximately 49.2 million kg CO2e (market-based), and substantial Scope 3 emissions totalling around 25.1 billion kg CO2e.

In 2023, the total emissions were approximately 10.2 billion kg CO2e, with Scope 1 at about 52.8 million kg CO2e, Scope 2 (market-based) at approximately 52.4 million kg CO2e, and Scope 3 at roughly 10.1 billion kg CO2e.

The prior year, 2022, saw total emissions of approximately 9.9 billion kg CO2e. This included Scope 1 emissions of about 56.9 million kg CO2e, Scope 2 (market-based) of approximately 52.6 million kg CO2e, and Scope 3 emissions of around 9.8 billion kg CO2e.

For 2021, total emissions were approximately 9.7 billion kg CO2e, with Scope 1 emissions at about 57.6 million kg CO2e and Scope 2 (market-based) at approximately 52.6 million kg CO2e.

Phoenix Group has set a binding target to reduce its carbon emissions in its own operations by 42% by 2030, compared to the 2021/22 baseline. Furthermore, the company aims to become carbon neutral from 2030 onwards through the purchase of credits for any remaining emissions. These targets cover Scope 1 and Scope 2 emissions.

It's important to note that Phoenix Group's emissions data is cascaded from Concentrix Corporation at level 2, with the relationship type identified as a "merged entity." This means that some of their climate initiatives, such as SBTi, CDP, and RTZ, are inherited from Concentrix Corporation.