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Phoenix Group believes it has secured an insurance industry first

Phoenix Group believes it has secured an insurance industry first | Insurance Business UK

Phoenix Group believes it has secured an insurance industry first

Long-term savings and retirement giant Phoenix Group has joined the global Partnership for Carbon Accounting Financials (PCAF), making it the first UK insurer to do so, according to Phoenix.

“We are delighted to have become the first UK insurer to join PCAF as we continue to make headway towards our 2050 net zero commitment for our investment portfolio,” said Phoenix chief investment officer Michael Eakins.

“By committing to PCAF,” he continued, “we are ensuring that we use best market practice when calculating the GHG (greenhouse gas) emissions of our investment portfolio, and we call on others within the financial services ecosystem to do the same.

“At Phoenix, we understand that to achieve a greener and more sustainable future, it will require collaboration across the financial sector, and we stand ready to play our part in helping to achieve this.”

It was noted that the greenhouse gas accounting methodologies developed by PCAF can be applied by financial institutions with exposure to listed equity and corporate bonds, business loans and unlisted equity, project finance, mortgages, commercial real estate, and motor vehicle loans.

Phoenix’s announcement highlighted that PCAF currently represents financial institutions with total financial assets in lending and investments in excess of US$40 trillion dollars.

“We are pleased to welcome Phoenix Group to the 120-plus financial institutions globally that participate in PCAF,” commented PCAF executive director Giel Linthorst.

“Phoenix Group’s addition to the growing number of insurers participating in PCAF highlights the diversity of financial institutions committing to measure and disclose their financed emissions using the PCAF standard.”