Phoenix Group, a British insurer, has announced a significant loss of £1.23bn for Q4 2022 due to market volatility. However, the company also revealed its plan to invest around £340m of policyholder assets into a multi-asset climate solutions mandate to expand its climate investments. This move is part of the company's goal to achieve net-zero emissions by 2050.
The climate solutions mandate will invest in a range of asset classes, such as equities, fixed income, and alternatives. The mandate also targets a 30% reduction in carbon emissions by 2025 and aims to align with the goals of the Paris Agreement.
Phoenix Group is not the only company investing in climate solutions, as more and more businesses are realizing the importance of sustainability. In fact, last month, Senator Kyrsten Sinema announced a historic $728 million for Western drought relief from the Infrastructure Investment and Jobs law, bipartisan legislation aimed at addressing climate change.