Phoenix Holdings

Phoenix Holdings, a company operating within the insurance and pension funding services sector (industry code 66) in Great Britain (GB), has demonstrated a commitment to reducing its carbon footprint.

Carbon Emissions Data:

• 2024: Phoenix Holdings reported total emissions of approximately 11.01 billion kg CO2e. This comprised Scope 1 emissions of about 2.11 billion kg CO2e, Scope 2 emissions (market-based) of 0 kg CO2e and (location-based) of approximately 2.46 billion kg CO2e, and Scope 3 emissions totalling roughly 6.44 billion kg CO2e, including significant contributions from employee commute (approximately 4.51 billion kg CO2e) and business travel (approximately 2.31 billion kg CO2e).
• 2023: Total emissions for 2023 were approximately 11.36 billion kg CO2e, with Scope 1 at about 2.43 billion kg CO2e, Scope 2 (market-based) at 23 million kg CO2e and (location-based) at approximately 3.86 billion kg CO2e, and Scope 3 emissions around 5.09 billion kg CO2e, with employee commute being the largest contributor (approximately 5.08 billion kg CO2e).
• 2022: Total emissions were approximately 11.06 billion kg CO2e, including Scope 1 of about 2.68 billion kg CO2e, Scope 2 (market-based) of 7 million kg CO2e and (location-based) of approximately 4.44 billion kg CO2e, and Scope 3 emissions of approximately 3.92 billion kg CO2e. Key Scope 3 categories were employee commute (approximately 4.85 billion kg CO2e) and upstream leased assets (approximately 2.02 billion kg CO2e).
• 2021: The company reported total emissions of approximately 13.04 billion kg CO2e, comprising Scope 1 of about 4.81 billion kg CO2e, Scope 2 (market-based) of 21 million kg CO2e and (location-based) of approximately 8.34 billion kg CO2e, and Scope 3 emissions of approximately 8.21 billion kg CO2e. Employee commute (approximately 5.49 billion kg CO2e) and upstream leased assets (approximately 2.05 billion kg CO2e) were notable Scope 3 contributors.
• 2020: Total emissions stood at approximately 13.49 billion kg CO2e, with Scope 1 at about 4.91 billion kg CO2e, Scope 2 (market-based) at approximately 3.27 billion kg CO2e, and Scope 3 emissions of approximately 5.31 billion kg CO2e, with business travel contributing around 1.04 billion kg CO2e.
• 2019: Total emissions were approximately 15.90 billion kg CO2e, consisting of Scope 1 at about 4.20 billion kg CO2e, Scope 2 (market-based) at approximately 3.70 billion kg CO2e, and Scope 3 emissions of approximately 4.27 billion kg CO2e.
• 2018: Scope 1 emissions were approximately 3.46 billion kg CO2e, and Scope 2 (location-based) emissions were approximately 12.53 billion kg CO2e. Scope 3 emissions included business travel of approximately 5.73 billion kg CO2e.
• 2017: Total Scope 1 and 2 emissions (market-based) were approximately 4.32 billion kg CO2e, and (location-based) were about 3.96 billion kg CO2e.
• 2016: Scope 1 emissions were approximately 1.08 billion kg CO2e, and Scope 2 (location-based) emissions were approximately 2.29 billion kg CO2e.
• 2015: Scope 1 emissions were approximately 986 million kg CO2e, and Scope 2 emissions were approximately 2.87 billion kg CO2e.

Climate Commitments and Reduction Targets:

Phoenix Holdings has established ambitious climate targets, aiming for net-zero operations by 2025 and net-zero across its entire investment portfolio by 2050. Key initiatives include:

• A commitment to achieving net-zero emissions in its operations by 2025, covering Scope 1 and 2 emissions from occupied premises, as well as Scope 3 emissions from business travel.
• An objective to reduce the carbon intensity of its listed equity and credit assets by 25% by 2025, where it exercises influence and control.
• An overall commitment to becoming a net-zero business by 2050, with interim targets including a 50% reduction in emissions by 2030. This includes Scope 1, 2, and selected Scope 3 emissions.
• A long-term goal to reduce the greenhouse gas emissions of its investment portfolio to net zero by 2050. This is supported by interim decarbonisation targets, including a 25% reduction in the carbon emission intensity of listed equity and credit assets (where control is exercised) by 2025, and a greater than 50% reduction in the carbon emission intensity of assets directly within its control by 2030.

Phoenix Holdings is also identified as a "BA1.5 member" and has a "Financial institutions net-zero commitment" with a deadline for submitting targets. The company's SBTi (Science Based Targets initiative) status indicates a commitment to net-zero by 2050.