9th February 2023

GMPF’s draft 2022 Annual Report includes a carbon footprint of its investments and a target to halve this by 2030. But don’t be fooled into thinking that GMPF is finally facing up to the climate emergency.

GMPF has ignored new Government regulations that specify that pension funds must publish at least 3 carbon metrics, of which one must be the absolute (i.e. total) emissions of its investments. Instead it has published a carbon intensity measure (footprint) that records emissions per £ revenue. But this is a discredited measure that may fall even when total emissions are rising.

What’s more, GMPF’s carbon footprint ignores up to 95% of emissions caused by fossil fuel companies – those produced by users burning their products (known as scope 3). If the total emissions of GMPF’s fossil fuel holdings were included, we estimate that GMPF’s carbon footprint would increase by over 75%!”

GMPF’s excuse for omitting these emissions is that they are hard to obtain. But we easily found scope 3 emissions data for four out of five of GMPF’s top fossil fuel holdings (Royal Dutch Shell, Glencore, Anglo American and Total Energies.)

Almost half of GMPF’s carbon emissions derive from its holdings in fossil fuel companies. The only way it could possibly halve its carbon emissions is by selling its £1.6bn direct holdings in these companies and reinvesting the money in clean alternatives.

To find out more, read our briefing on GMPF’s Misleading data and Missing emissions.