Phoenix Group has called for urgent action from the financial services industry in three “key” areas in the fight against climate change.

Speaking at the event The Power of Pensions: Accelerating Actions Towards Net Zero, Phoenix Group group CEO, Andy Briggs, called for organisations globally to set robust and ambitious near-term science-based emission reduction targets ahead of COP26.

He also encouraged greater collaboration across the finance industry that would see a broad range of stakeholders working together to decarbonise portfolios and finance climate solutions at scale.

Finally, he called on the government and financial regulators to amend policy and regulations to unlock “the trillions of pounds of private investment required" for the transition to a low-carbon economy.

“COP26 will be an important milestone on the journey to net zero, but the real work will start after it,” Briggs stated.

“The next decade is going to be critical and we need to act with urgency, and at scale. Only by working together across our industry, and with a broad range of stakeholders, will we be able to bring about the investment and change that is required.

“At Phoenix Group, we are committed to playing our part in creating a green and sustainable future. We have set, and will deliver against, robust and ambitious net-zero targets, using our £300bn of assets under administration to help finance the transition and engaging our customers to invest in a sustainable future.

“But we know we will achieve little on our own, and we have a once in a lifetime opportunity to work collaboratively towards controlling the effects of climate change. The finance industry is a key part of the solution, with the potential to provide trillions of pounds of private investment to support the transition to a low-carbon economy. It is vital that, as an industry, we demonstrate clear accountability.

“There remains much to do, but I am confident that together, we can accelerate action towards net zero, and demonstrate the power of pensions.”

Briggs also touched on the publication of the government’s Green Finance Roadmap, which he said would have a “crucial role to play” in driving forward essential business action on climate change.

“The publishing of the first phase of the roadmap is very timely for us,” he continued.

“Ahead of COP26, we hosted an event with experts from across the financial sector to consider the power of pensions and how we can accelerate action towards net zero.

“At Phoenix Group we believe collaboration across our sector and wider stakeholders will be essential if we are to tackle climate change effectively, and we will continue to contribute to the debate and to drive forward the agenda.”

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