"SPF believes that Climate Change is a systemic risk and thus, a material long-term financial risk for any investor that must meet long-term obligations."
SPF Climate Change Strategy 2020
We are an active member of key investor coalitions fighting climate change.
In our Annual Report we explain how we manage climate change risks and opportunities as recommended by the Task Force on Climate Related Financial Disclosures.
This may be a legal requirement in 2023, but we are happy to have been an early adopter.
The TCFD recommendations call for asset owners to disclose a weighted average carbon footprint. In 2018 the Fund's weighted average listed equity footprint was 192.5 tCO2e/£ revenue, which is 4.8% lower than in 2016 and 6.2% lower than that of the MSCI All Country World Index.
To date our Direct Investment Portfolio has committed over £401m to UK renewable energy infrastructure investments which include specialist onshore and offshore wind funds, UK solar funds and generalist renewables and community power funds.
The Fund's is an investor in the JP Morgan Infrastructure Investments Fund (IIF). The IIF has over USD 3 billion invested globally in renewable power generation, producing 4.8 GW of renewable energy capacity - enough to power 3.7 million homes for a year.
