Tesco pension schemes commit to 2050 net-zero target

The Tesco Plc Pension Scheme and the Tesco Retirement Savings Plan have committed to their investments having net-zero carbon emissions by 2050.

The two schemes, which have a combined membership of over 345,000 and assets of over £24bn, will use their scale and influence to urge the companies they invest in to reduce their carbon emissions over time, setting targets and milestones along the way.

Tesco and the pension trustees stated that investing responsibly was an “important part” of meeting their top priority of helping members’ pension money grow as much as possible, while keeping it safe.

“Evidence shows that environmentally responsible, well-run companies are likely to perform better in the long term, and better performing companies tend to be better investments,” commented Tesco Pension Fund chair, Ruston Smith.

“By investing responsibly, we can continue to deliver on our top priority of helping members’ money grow as much as possible and align our investments more closely to what we believe is important to Tesco colleagues.”

Tesco has also partnered with online platform, Tumelo to provide members of the Tesco Retirement Savings Plan with information on which companies are being invested in and give their views on how they are run.

Furthermore, the Tesco Plc Pension Scheme and the provider of the Tesco Retirement Savings Plan, Legal & General, are signatories to the UN Principles for Responsible Investing, the Institutional Investors Group on Climate Change and the Paris Aligned Investment Initiative Net-zero Asset Owner Commitment.

Tesco is also part of the Make My Money Matter (MMMM) Green Pensions Charter, with MMMM co-founder, Richard Curtis, commenting: “Our pensions are powerful. While they’re securing healthy returns for us, they can also secure a better future for the planet.

"It’s brilliant that Tesco has taken further critical steps to ensure their staff have pensions to be proud of.”

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