InsurerPhoenixWorld News

Insurer Phoenix sets carbon targets for $339 billion of investments - Financial Markets Worldwide

Please try another search

ReutersStock Markets23 minutes ago (Oct 04, 2021 04:11AM ET)

Insurer Phoenix sets carbon targets for $339 billion of investments
© Reuters.

(Reuters) -Phoenix Group laid out new carbon reduction targets on Monday, which it said will cut the emission intensity of 250 billion pounds ($338.75 billion) of investments by at least half in less than a decade.

The blue-chip life insurer, which invested over 700 million pounds in sustainable assets in the first half of 2021, double the amount from a year earlier, said the interim targets were part of its goal to achieve net zero carbon for investments by 2050.

“Across all the portfolios what we will be looking to do is to be engaging with companies. It is not a case of excluding those companies that don’t have a good carbon footprint because we want to work with them to help them make their industry green,” Phoenix boss Andy Briggs told Reuters.

Briggs said that if companies were not putting enough effort into making themselves greener, Phoenix would likely exclude them from its portfolios.

“If we have a company that isn’t putting any energy or focus into looking to make itself green, we are likely to exclude those from our portfolios.”

Phoenix specialises in books of life insurance business closed to new customers though it plans to expand its business of open policies after buying out the Standard Life (LON:) brand earlier this year.

It said its research showed that responsible investment was important to the majority of its 13 million customers and clients.

($1 = 0.7380 pounds)

Related Articles

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.


Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button