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Pillar One: Meeting Net Zero

The UK Insurance and Long-term Savings sector is committed to reaching Net Zero by 2050 and to the global target of a 50% reduction in emissions by 2030 – in line with the Intergovernmental Panel on Climate Change (IPCC)’s Paris Climate Goals. To do this, individual firms will work with recognised external providers to agree precise targets and a suitable baseline figure against which the 50% target will be measured.

This means action across the full scope of the industry’s operations, supply chain and ‘financed emissions’ across investment and underwriting portfolios to limit global warming to 1.5°C, applying to Scopes 1,2 and 3 of the international Greenhouse Gas (GHG) protocol), and support the transition of the whole economy.

As a sector, we also recognise that a long-term goal for 2050 is not enough – action needs to be taken now and then followed through with regular milestones every five years.