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The London Pensions Fund Authority (LPFA), the largest local government pension provider in London responsible for the pension provision for around 19,489 employees, has achieved certification to Planet Mark.
This is LPFA’s first year of business carbon footprint reporting and certification to Planet Mark. This year LPFA has calculated the carbon footprint of their London office operations for the year ending March 2020 and set a target to reduce emissions by 5% annually.
LPFA’s total carbon footprint for the year ending March 2020 was 7.4 tCO2e and the relative carbon footprint was 3.0 tCO2e per employee.
LPFA will save the carbon equivalent of burning 185kg of coal if they are able to achieve their carbon reduction target.
“It’s with great pleasure that I welcome LPFA to Planet Mark community. The organisation has already made big steps in seeking to divest from environmentally damaging investments, and I’m pleased to see them combine this with an effort to reduce their carbon footprint closer to home. LPFA’s forward-thinking mentality is commendable and will reap environmental and financial benefits for their customers. I look forward to working on the next steps of the path toward sustainability with them.”
In addition to their pledge to reduce carbon, LPFA has a long-standing commitment to responsible investment (RI). Its proactive approach to addressing environmental, social and governance (ESG) issues in our investment polices has been developed over several years and continues to evolve. LFPA has committed to not considering new active investments in fossil fuel companies which ignore the risks of climate change. It is also making all reasonable efforts to divest, provided that this will result in no material financial detriment to its clients.
It is time for finance to back the transition to a sustainable, resilient future for all. Sustainable finance represents a significant commercial opportunity as well as a chance to act positively for the planet. But positive change must start within a business. Demonstrating a business’ own environmental credentials is an integral part to a mature sustainability offering for customers. To properly engage with this emerging market, companies working in finance must establish a rigorous sustainability policy.
As part of the Planet Mark certification, London Pensions Fund Authority has committed to make a year-on-year reduction.