The Devon Investment and Pension Fund Committee has committed to achieving a net-zero investment portfolio by 2050 and to reduce the carbon intensity of its investments by 7% per annum.

The Fund has also committed to invest over £200 million in renewable energy infrastructure funds via the Brunel Pension Partnership.

Prior to this pledge the Fund had begun decarbonising its portfolio; between March and December of 2019 the portfolio was 21.5% less carbon intense.

This Fund administers pensions for most of Devon’s public sector, including emergency services and local government, therefore this pledge will have a significant impact on the emission’s intensity of Devon based pensions.

About 60% of the Fund is invested in equities – these are shares in companies. In December 2020, 3.8% of these equities were exposed to fossil fuel reserves – a fall from 6.8% in 2019. This is set to continue to fall.

The remaining 40% of the Fund is invested in bonds, commercial property, infrastructure and debt funds. Less than 4% of these investments is exposed to fossil fuel reserves.