Phoenix Group

Phoenix Group reported Total CO2e Emissions - Market-Based Scope 1 + Scope 2 for the twelve months ending 31 December 2020 at 8.2 Kt (+0.27/+3.5% y-o-y). Carbon intensity also grew to 0.3 t (+0.1/+50% y-o-y).

Phoenix Group's Scope 3 emissions skyrocketed to 10 Kt (+2.9/+40% y-o-y). The growth accelerated compared to the long-term upward trend (CAGR of +33% since 4Q'19).

The company is committed to achieving net zero for all Scopes by 2050, which translates into the estimated reduction of -0.51 Kt per annum over the period of FY2021 - FY2050. This target, however, has not been recognised as science-based (and as aligned with Paris Agreement) by the SBTi.

Phoenix Group aims to achive carbon neutrality across its entire value chain (all Scopes) in 2025. Companies normally become carbon neutral with the help of the acquisition of carbon offsets rather than absolute reductions in their own greenhouse emissions. Also, carbon neutrality does not include non-CO2 GHG emissions.