TPR sets full net zero target of 2050
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The Pensions Regulator published a ‘Pathway to Net Zero’ report on Thursday, outlining how it aims to become emissions-neutral by 2050 and largely operationally net zero by 2030, having previously said its goal was to be net zero by 2030.
Under the plan published last week, the regulator has set itself an interim target of reducing operational emissions in relation to gas, electricity, business travel, water and waste by at least 90% by 2030, as well as a “science-based net zero goal against all of our operational emissions” by 2050, also delivering a minimum 90% emissions reduction.
The goals are:
- a 2030 operational net zero goal delivering a minimum 90% reduction against Scope 1, 2 and elements of Scope 3 against a 2017 to 2018 baseline
- a 2050 net zero goal delivering a minimum 90% reduction against all emissions against a 2022 to 2023 baseline
It previously aimed to be net zero carbon by 2030, according to its 2021 climate change strategy, and was due to publish a plan of how to do this by 2024. The regulator is currently working on a new climate change strategy, to be published this year or next.
TPR has said it “recognises that there are gaps – namely in relation to emissions arising from our value chain”, adding: “We have intentionally omitted some of these emissions from our 2030 target due to the great difficulty in delivering sufficient reductions by 2030. For that reason, we have also set a secondary net zero target for 2050, which covers all of our operational emissions.”
The 2050 target aims to include supply chain and employee commuting emissions.
“This approach aligns us to UK government policy and we believe represents the most realistic way to effectively tackle all our greenhouse gas emissions,” the regulator said.
A TPR spokesperson told mallowstreet: “We have committed to reducing our operational emissions in relation to gas, electricity, business travel, water and waste by at least 90% by 2030 and will purchase carbon credits to offset the residual emissions remaining. We have also set a secondary net zero target for 2050 covering all our emissions.”
A TPR spokesperson told mallowstreet: “We have committed to reducing our operational emissions in relation to gas, electricity, business travel, water and waste by at least 90% by 2030 and will purchase carbon credits to offset the residual emissions remaining. We have also set a secondary net zero target for 2050 covering all our emissions.”
The spokesperson added: “This approach aligns with key UK government policy and represents the most realistic way to effectively tackle all our greenhouse gas emissions.”
TPR’s approach is slightly less ambitious than the plans of some comparable organisations. The Pension Protection Fund aims to reach net zero in its operational scope 1, 2 and 3 emissions by 2035, with investment emissions considered separately, and the Financial Conduct Authority last year set itself a 2045 net zero goal against all emissions including a 90% reduction in scope 3 emissions.
How can scope 3 emissions be identified and measured?
