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Climate, Inclusion Key Priorities in Phoenix Double Materiality Review

UK-based savings and retirement firm Phoenix Group has published its Sustainability Report 2022, reviewing its progress against strategic priorities and key ESG themes. The report highlighted a double materiality review undertaken by the group, which prioritises certain topics and trends based on their impact materiality and financial materiality. Phoenix identified six topics – climate change, responsible products and investments, nature and biodiversity, financial wellness and inclusion, longevity and evolving demographics, and digital innovation – as having high impact in both categories, making them a high priority for the group. It noted that climate change is the most material environmental theme, while nature and biodiversity are becoming increasingly important. It also said it will deliver on financial wellness and inclusion and supporting people in staying in good work for longer. This year Phoenix will publish its Net Zero Transition Plan, which will set out its target consistent science-based decarbonisation trajectory. This includes the application of customised decarbonising equity benchmarks to all equity funds under the firm’s control, which looks to reduce the carbon intensity of its investment portfolio and increase long-term resilience. James Wilde, Chief Sustainability Officer at Phoenix Group, said: “We will additionally expand our work on nature, setting out our priority areas of focus to drive our nature investment opportunities and be an early adopter of the Taskforce on Nature-related Financial Disclosures framework”. The firm’s 2023 targets also include 40% of senior leaders being female, and its workforce having 13% ethnic minority representation.  

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