Pension Protection Fund, London, launched its new sustainability strategy, which focuses on responsible investment, diversity, inclusion and community impact.
The new strategy builds on the £39 billion ($49.6 billion) pension fund's 2025 responsible investment strategy.
The lifeboat fund for defined benefit plans of insolvent U.K. employers wants to contribute to achieving a net-zero economy through its investment portfolio and engagement activities under the new strategy.
The goals include targets, such as ensuring that at least 80% of its listed portfolio companies are providing disclosures on Scope 1 and Scope 2 carbon emissions.
The previous responsible investment strategy was focused on enhancing investments by managing ESG risks. The PPF didn't have formal external targets before, a spokesman said.
It will work to reach net-zero carbon emissions in its operational supply chain and travel emissions by 2035, the PPF strategy said.
The fund also said on Tuesday that it will increase the share of workers from all underrepresented groups.
"We are proud to launch our first sustainability strategy today which sets out four key outcomes-focused sustainability goals for our organization in areas we believe we can make a real difference. Our ambition is to catalyze the growth of a more sustainable pensions industry and lead by example by moving the needle on diversity and inclusion and playing an active role in the communities we work in," Kate Jones, chairwoman of the PPF, said in a news release.
"As a major part of our sustainability strategy, we will continue to incorporate ESG and climate-related risks and opportunities into our investment process and stewardship activities, striving to demonstrate excellence in responsible investment," Ms. Jones added.
Regarding community impact, the PPF said it will build partnerships and volunteer with industry and local organizations.
