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The £11bn M&S pension fund has set itself a target of emitting net zero greenhouse gases by 2040, after its sponsor made the same commitment last year. The scheme aims to halve its carbon emissions by 2030.
“As one of the UK’s largest pension funds, we know that how and where we invest matters. We firmly believe that investing responsibly supports long term value, reduces risk, and contributes towards better outcomes for everyone,” the scheme told members at the end of last month, announcing its 2040 target. “Given the scale of the climate change emergency, not taking action now is more likely to put the financial health of the Scheme at risk in the future,” it said.
The trustees of the supermarket’s pension fund have previously announced that they will introduce an emissions reduction target before the end of the scheme’s financial year.
Carbon emissions to be halved by 2030
The fund, which was 107% funded as at March 2018, is also bringing in an interim target, halving emissions over the next eight years. “The first step in our net zero journey will be to reduce our carbon emissions by half by 2030”, the trustees said, adding that they are working with their advisers and managers on this. They asked members to do their bit and opt into digital communications to support the net zero goal.
The trustees will use the scheme's carbon footprint as a measure of greenhouse gas reductions in the scheme. In the summer, they plan to publish the scheme’s first climate change report.
The schemes of rivals Sainsbury’s and Tesco both have net zero targets of 2050, in the case of Sainsbury’s 15 years later than its parent firm, which has brought its net zero target forward from 2040 to 2035.
The £24bn DB and DC pension funds of Tesco announced their net zero target last year, aligning it with the sponsoring company's net zero goal. Tesco trustees also gave members access to online platform Tumelo, which allows them to express a preference over how a manager should vote at meetings of companies the fund is invested in.
