Avon Pension Fund sets 2045 net zero goal

10 January 2024

Avon Pension Fund publishes on its website:

Avon Pension Fund has announced an ambitious new goal to be net zero across all its investments by 2045.

The latest move builds on significant work already completed by the Fund to maximise the real-world impact of its £5.4 billion investment portfolio.

This includes committing £500 million to renewable infrastructure and energy transition assets, as well as investing £2 billion in climate-aligned sustainable equities.

New targets align with stakeholder views

The new climate change target follows a consultation exercise involving members of the scheme and extensive local stakeholder engagement.

Councillor Paul Crossley, Chair of the Avon Pension Fund Committee, said:

“Climate change poses the biggest risk to our planet. There is no Planet B and we can all play our part in protecting Planet A. During 2023 we consulted extensively with local councillors, staff, employers and trade unions. We also ran a member survey which received over 5,000 responses.

“There was broad agreement among stakeholders that the Avon Pension Fund should set more ambitious climate goals and we are delighted to bring forward our net zero target to 2045, an ambitious but achievable date. We will keep this target under regular review and seek to accelerate further as technology and government policy develop.

“Following this announcement, the Avon Pension Fund will in the next few months confirm further investments in renewable energy and green technology, which will deliver both attractive financial returns and contribute more broadly to climate resilience.”

Setting new carbon targets for our investments to achieve by 2030 and 2045

The Fund previously had a net zero target of 2050. The new 2045 target will see Avon Pension Fund continue to target ambitious decarbonisation goals. This includes divesting from companies by 2030 who cannot demonstrate they are on a credible pathway to net zero.

Source: Avon Pension Fund