- Savings and retirement company Phoenix Group plans to become a net-zero carbon business by 2050, it announced this morning.

Ahead of its capital markets day, the company announced a commitment to ensuring that its Scope 1 and 2 emissions from its occupied premises and Scope 3 emissions from business travel were net-zero carbon by 2025.

In addition, Phoenix said it intended to make its investment portfolio net-zero by 2050 by increasing allocations to assets that support the transition to a low carbon economy, and by using its position as a significant asset owner to engage with investee companies and promote alignment to the Paris Climate Agreement.

Meanwhile, the company reported strong financial performance for the 12 months to the end of September 2020, generating £1.7 billion in cash - above its target of £1.5-1.6 billion.

Its Solvency II surplus increased to £5 billion during the period, while its shareholder capital coverage ratio was 159%, up from 150% on 30 June 2020.

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