Net Zero Target of 2050 or Sooner

We are pleased to announce that our Pension Fund Committee has agreed a carbon Net Zero target of 2050 or sooner for the Pension Fund investment portfolio.

Councillor Nick Harrison, the Chair of the Surrey Pension Fund Committee, said: "Following persuasive analysis the Committee has come to the decision to set a Net Zero goal of 2050 or sooner, consistent with the goals set by the Paris Agreement." He continued, "We have already overperformed against many of our currently laid out targets and believe that the market will look vastly different in the future. The Fund has already reduced its UK equity carbon footprint by 38% since 2019. As others join this journey with us, we will continue to review our Net Zero goal".

Head of Investment and Stewardship, Lloyd Whitworth, explained, "Setting a Net Zero date was a key priority from our new Responsible Investment policy. I'm pleased that after rigorous analysis and debate the Committee has reached this decision that furthers our responsible investment goals, whilst also supporting Fund investments to pay members' future benefits."

The Chair of the Responsible Investment sub-committee, Councillor Trefor Hogg, notes, "Action on climate change is absolutely necessary ... We need to be partners with and continuously engage with the companies we invest in to make Net Zero a future reality".

The Senior LGPS Officer for Surrey, Neil Mason, adds, "I am incredibly proud of the process that has got us to this point. It culminates over a years' worth of work of officers, advisors, collaboration with our pooling partners, Border to Coast, and most importantly the endeavours of the Responsible Investment sub-committee, in setting a target that is not only an ambition but has a measurable delivery plan".

Visit our Investment page to find out all the ways Surrey Pension Fund are taking responsible investment seriously.