Our Carbon Commitment
In 2008, the UK Carbon Trust defined a carbon footprint as: "the total set of greenhouse gas (GHG) emissions caused directly and indirectly by an individual, organisation, event or product." In the case of listed-equity holdings, it quantifies the GHG emissions to which the holdings are exposed through the shares it is invested in, based on the GHG emissions of individual investee companies, as well as the carbon efficiency of their supply chains.
Our commitment to carbon
As a Group, our direct carbon footprint includes scope 1 and scope 2 greenhouse gas (GHG) emissions as defined by the Carbon Disclosure Project (CPD). These derive from sources that are owned or controlled by Old Mutual, eg the buildings in which our employees are based and any fuel we use (scope 1), and the power we purchase (scope 2).
Our indirect footprint refers to scope 3 GHG emissions, and includes the investments we make, our supply chains, and the waste we generate, among other elements of our business.
We are committed to monitoring and managing our carbon footprint and have a group-wide goal to reduce our carbon emissions by 20% by 2020 (from a 2010 baseline). In 2016, we completed our tenth public submission to the CDP.Our high level 2014 progress is as follows:
We are on track to achieving the 20% reduction, and have achieved a decrease in emissions from employee-occupied properties to 3.60 tonnes of carbon dioxide equivalents (tCO2e) per employee, representing a decrease of 13.7% from the base year (2010: 4.17 tCO2e per employee).
We on track to achieving the 20% reduction across our property portfolio, in which we have decreased our emissions to 0.20 tCO2e per m2. This represents a decrease of 4.8% from our base year (2010: 0.21 tCO2e per m2).
Our Climate Change Position Statement
Old Mutual Group's position on climate change is central to our commitment to enabling positive futures, and our main objective is to play a significant role in the transition to a mixed-energy future, recognising that the trajectory of this transition will vary according to the countries in which we operate. Read more about our position on climate change.
What is the Montreal Pledge?
Old Mutual became signatory to the Principles for Responsible Investment (PRI) in 2012 as an asset owner and, in September 2015, signed the Montreal Pledge.
The Montreal Pledge is a voluntary PRI-led carbon disclosure initiative that asks signatories to commit to annually disclosing the carbon footprint of all or part of their total holdings, to put in place measures to reduce their carbon exposure, and to report on progress annually. Read our Old Mutual 2016 Montreal Pledge Disclosure.
Old Mutual is participating in this initiative because, as a long-term investor and responsible steward of our customers' assets, we support the transition to a mixed-energy, resource-efficient and socially inclusive economy. Read about our approach to responsible investment.
We are delighted that Old Mutual has signed the PRI Montreal Pledge. They have a strong track record of promoting climate change initiatives and signing the Pledge further demonstrates their commitment to this issue.' Fiona Reynolds, Managing Director of the PRI.
- Old Mutual's climate change position statement Download
- The Paris pledge Download
- Old Mutual 2016 Montreal Pledge Disclosure Download
- A conversation about climate change part 1: the food-energy-water nexus Download
- A conversation about climate change part 2: price & policy Download
- Old Mutual's 2015 Carbon Disclosure Project Report Download
- Energy Savings Opportunity Scheme (ESOS) Download