Phoenix Holdings

Phoenix Holdings's reported carbon emissions

Phoenix Holdings, a UK-based company operating in insurance and pension funding services, is committed to reducing its environmental impact. The company aims to achieve net-zero operations by 2025, with broader net-zero ambitions for its entire business by 2050. **Carbon Emissions Overview:** * **2024:** Phoenix Holdings reported a total of approximately 11.01 million kg CO2e. This comprised Scope 1 emissions of about 2.11 million kg CO2e and Scope 2 emissions (market-based) of 0 kg CO2e, with Scope 2 (location-based) at approximately 2.46 million kg CO2e. Scope 3 emissions totalled approximately 8.42 million kg CO2e, including business travel (about 2.31 million kg CO2e), employee commute (about 4.51 million kg CO2e), upstream leased assets (about 0.95 million kg CO2e), downstream leased assets (about 0.84 million kg CO2e), and fuel and energy-related activities (about 0.29 million kg CO2e). * **2023:** Total emissions were approximately 11.36 million kg CO2e. Scope 1 emissions were about 2.43 million kg CO2e, while Scope 2 (market-based) emissions were approximately 0.02 million kg CO2e, and Scope 2 (location-based) were about 3.86 million kg CO2e. Scope 3 emissions amounted to roughly 7.62 million kg CO2e, with the largest contributions from employee commute (about 5.08 million kg CO2e) and business travel (about 2.75 million kg CO2e). * **2022:** Total emissions were approximately 11.06 million kg CO2e. Scope 1 emissions stood at about 2.68 million kg CO2e. Scope 2 (market-based) emissions were around 0.01 million kg CO2e, with Scope 2 (location-based) at approximately 4.44 million kg CO2e. Scope 3 emissions reached about 6.85 million kg CO2e, primarily driven by employee commute (about 4.85 million kg CO2e) and upstream leased assets (about 2.02 million kg CO2e). * **2021:** Total emissions were approximately 13.04 million kg CO2e. Scope 1 emissions were about 4.81 million kg CO2e, while Scope 2 (market-based) emissions were around 0.02 million kg CO2e, and Scope 2 (location-based) were approximately 8.34 million kg CO2e. Scope 3 emissions totalled about 8.21 million kg CO2e, with employee commute (about 5.49 million kg CO2e) and upstream leased assets (about 2.05 million kg CO2e) being significant contributors. **Climate Commitments and Reduction Targets:** Phoenix Holdings has established several key climate targets: * **Net Zero Operations by 2025:** The company aims to achieve net-zero carbon emissions across its operations by 2025. This includes Scope 1 and 2 emissions from occupied premises and Scope 3 emissions from business travel. * **Net Zero Business by 2050:** Phoenix Holdings is committed to becoming a net-zero business by 2050. * **Interim Emissions Reduction:** As part of its net-zero journey, the company aims for a 50% reduction in emissions by 2030, covering Scope 1 and 2 emissions, as well as some or all categories of Scope 3 emissions. * **Investment Portfolio Decarbonisation:** * A 25% reduction in the carbon emission intensity of listed equity and credit assets where influence and control are exercised is targeted by 2025. * A greater than 50% reduction in the carbon emission intensity of assets directly within the company's control is targeted by 2030. * The company is committed to achieving net-zero in its investment portfolio by 2050. These targets underscore Phoenix Holdings' dedication to addressing climate change across its operational and investment activities.