This commitment is being made in the context of the Trustee’s wider efforts to manage the impact of climate change on the Scheme’s investments and the consequent impact on the financial interests of its members. This includes:
In doing so, the Trustee intends to align its climate risk management principles with the best practice principles set out in the Net Zero Investment Framework published by the Institutional Investors Group on Climate Change (IIGCC).
Russell Picot, Chair of the HSBC Bank (UK) Pension Scheme Trustee Board, said: “The Trustee recognises the increased urgency with which climate change needs to be tackled and in it playing an active role in supporting the drive to decarbonise the economy.
“It has been active in addressing ESG issues for a number of years, including working in collaboration with regulators, policymakers, asset managers and other asset owners to facilitate the system-wide transition to a net zero economy.
“The time is right to take the next step to further embed climate change actions into our future plans for the benefit of our members.”
The Scheme’s Trustee Board has been actively working to take account of the risks and potential opportunities that climate change presents. In particular, the Trustee:
Aurora Bonin, HSBC UK Media Relations | firstname.lastname@example.org | +44 (0) 7438 850 833
Note to editors:
1 The base year for assessing this targeted reduction will be year-end 2019.
2 The Trustee recognises that climate risk assessment methodologies, metrics and data coverage are continually developing and will seek to use the most suitable net zero methodologies to facilitate it measuring the real economy impact and the financial implications for the Scheme.
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