Our Pathway to Net Zero strategy includes activity and commitments across our investment portfolio, our own operations and our people. It also identifies the external partners with whom we are working and our commitments to them.
Please see a summary below. Further details are included in our first comprehensive ESG report.
OUR PROGRESS AND COMMITMENTS
Our investment portfolio
Net zero by 2050
Rothesay is committed to transitioning our investment portfolio to net zero greenhouse gas emissions by 2050, aligned with a maximum temperature rise of 1.5°C above pre-industrial levels as outlined in the Paris Agreement.
20% reduction by 2025
We aim to reduce the Carbon Intensity of our portfolio by 20% by 2025.
Regular and transparent reporting
We will regularly report on our progress and publish the Carbon Intensity of our portfolio on an annual basis. We will always be clear on where our data is sourced and what parts of our portfolio it covers.
Investing in the low carbon economy
We will partner with governments, and industry, to identify ways in which we can increase our lending to sectors which support a low carbon economy.
Rothesay will have fully embedded climate risk into our business and risk management processes by the end of this year.
Carbon neutral by 2023
We aim to become carbon neutral, or negative, with respect to our own business’ Scope 1 and 2 emissions within two years.
100% renewable electricity
By the end of 2021, all electricity provided to our office will come from a supplier of 100% renewable electricity as certified by the Carbon Trust.
Leadership across our business
Our Climate Change Working Group has representation from all of our business units including Trading, Investing, Credit, Risk and Finance.
Helping our people reduce their carbon footprint
Last year Rothesay launched a new employee benefit offering low cost, tax efficient leasing of zero emission electric vehicles to all employees along with our existing cycle to work scheme.
Embedding climate responsibility in all our operations
We believe all our employees have a responsibility to support our path to net zero, so our annual performance review process will include criteria which reflects this.
Rothesay supports the following organisations, all of which are very well established, make recommendations that are widely adopted and provide clear frameworks for their signatories to follow.
Rothesay is a member of the UN-Convened Net-Zero Asset Owner Alliance.
Rothesay is a supporter of the Financial Stability Board’s Task Force on Climate-related Financial Disclosures (TCFD) and endorses its recommendations.
Rothesay is a signatory to the UN Principles of Responsible Investing.
Rothesay is also an early adopter of the Sustainability Reporting Standard for Social Housing.
It is vital that the insurance industry works together to deliver a clear pathway to net zero and that we champion the regular reporting needed to keep our efforts on track. We are pleased to join the Net-Zero Alliance and support its work which we see as a fundamental part of our commitment to providing our policyholders with security for the future,Addy Loudiadis, CEO