Press ReleaseUWS

Utmost Group offsets the Carbon Emissions from its Operations

02 September 2021

Utmost Group is pleased to announce that it has achieved a net zero carbon status in its operations. Net zero carbon is where the carbon emissions caused by our organisation are balanced out by funding an equivalent amount of carbon savings elsewhere in the world.

The Group has achieved its net zero carbon status through a Tree Buddying Scheme in partnership with Carbon Footprint Limited.  As part of the project, the Group has arranged to plant a tree for each of its 960 employees. These trees will be planted in Autumn. A tonne of carbon will be offset for each tree planted through Carbon Footprint Limited’s verified carbon standard approved carbon credits, where Carbon Footprint Limited protects trees in the Brazilian Amazon through avoided deforestation.

The Group will offset its Scope 1, 2 and 3 emissions for 2020, measured at 891 tonnes, which were collected and prepared in accordance with the GHG Protocol Corporate Accounting and Reporting Standard. We intend to continue to measure and offset our operational carbon emissions in future years.

The Group is working with Carbon Footprint Limited to source locations in the UK and the Isle of Man for native trees to be planted and we hope to work with local schools to help plant the trees for environmental education.

The Group recognises everyone has a role in climate action, and the Group is determined to play its part and realise the commitments of the 2014 Paris Agreement.

Separately, the Group has committed to reducing the carbon emissions in its investment portfolio. The Group has set a target to halve the carbon emissions in our shareholder investment portfolio by 2030, and to be net zero in our shareholder investment portfolio by 2050, in line with the ABI Climate Change Roadmap. We are also identifying additional actions we can take to reduce our Scope 1, 2 and 3 emissions.

 

Paul Thompson, Group CEO, commented:

“We recognise the role that the insurance industry has to play in the global climate agenda and the Group’s increased scale and position makes focussing on sustainability even more important to us. We are at a pivotal moment for our planet and the Group is committed to take action to support the UK government and ABI’s ambitious net zero plans.”

 

Dr Wendy Buckley, Client Director at Carbon Footprint Ltd commented:

“In light of the recent IPCC report on climate change, it is clear that all businesses need to act to reduce their impact and take urgent action to mitigate their carbon emissions. We are therefore delighted to see Utmost Group taking leading steps to reduce emissions and demonstrate responsible and timely action to the industry.”

Please read more about the activities of Carbon Footprint Limited here:

https://www.carbonfootprint.com/plantingtrees.html

https://www.carbonfootprint.com/brazil_para_redd.html

 

For further information, please contact:

Utmost Group plc

Anne Marie Shepherd, Head of Strategy and Corporate Affairs

Tel: +44 (0)203 861 4347 / Email: annemarie.shepherd@utmostgroup.co.uk

 

About Utmost Group plc

Utmost Group Limited is a leading provider of insurance and savings solutions. Its principal businesses are Utmost International and Utmost Life and Pensions, which together are responsible for over £37bn of primarily unit-linked policyholder assets for over 500,000 customers. Utmost Group plc is group regulated by the PRA.

 

About Carbon Footprint Limited

Carbon Footprint Limited is a climate consultancy – home of carbon footprinting, online carbon calculators, CO2 reduction, carbon offsetting and climate emergency mitigation.