2025 Carbon Reduction Targets Unveiled by BTPS

The BT Pension Scheme (BTPS), which manages £57 billion in assets, is targeting a 25% reduction in the Scope 1 and 2 carbon intensity of its equity and credit portfolio by 2025. It also aims to reduce the carbon intensity of its real estate portfolio by a third over the same period, as part of its efforts achieve net zero greenhouse emissions across all its investments by 2035. BTPS will seek to achieve the reductions through a combination of portfolio construction, engagement with investee firms, policy advocacy and fund manager mandates, including “selecting and retaining managers who have a commitment to helping the scheme achieve net zero”. Originally set in October 2020, BTPS said its net zero goal will be achieved both through reducing emissions from the scheme’s portfolios and investing in assets that will support the transition towards a low carbon economy. “We’re under no illusion that reaching our goal will be linear either for us or the wider economy,” said BTPS CEO Morten Nilsson. “We will remain pragmatic in our approach, learning and adapting so we continue to deliver on both our climate and financial targets.”

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