Our aim is to be net zero by 2030. The IFoA strategy on carbon reduction will follow the guidance of Science Based Targets (SBTi), which focuses on reduction to fall in line with the Paris Agreement objective to limit global warming to well below 2 degrees.
For the IFoA, this translates to reducing our scope 1 emissions by 46.2%, scope 2 emissions by 46.2%, and scope 3 emissions by 27.5%, subsequently working towards net zero by 2030.
To date, with the help of independent reviewers, we have baselined data at 2019 (pre-pandemic) and have complete data for 2019 to 2022. We have anticipated a rise from 2020 (pandemic) through to 2022 due to the post-pandemic effect and the initial implementation of our property strategy in the short term.
However, we’ve taken the opportunity of significant changes following the pandemic to reduce our emissions and progress with our carbon management plan.
2023 data is being collected and analysed along with future planning on cutting emissions with the development of a carbon management plan.
We are committed to a programme of action, taken continuously to reach targets, and these will be reported on annually.
Each year data will be gathered under scopes 1, 2, and 3 and calculated and reviewed by a third-party supplier. The carbon management plan will be managed on a regular basis.
In future years carbon offsetting will be used sparingly, for reductions that we anticipate we cannot reduce further.
Data was collected retrospectively for 2019 to 2020. This was so we could get a pre-pandemic baseline figure. However, this has come with its own challenges where we have had to work with the data available. Since this time, as part of a learning curve, we have improved data collection methods and awareness with teams and third party suppliers to educate, inform, and improve, which is ongoing.
Investments are to be reviewed separately as part of our investment strategy and will be managed separately in the short term. Our investment policy includes our net zero agenda working towards our net zero goals.
As well as scopes 1 and 2, our scope 3 data collection includes commuting, business travel, delegate travel to and from our events, shipping, The Actuary magazine distribution, postal distribution, eshop distributions, purchases, and investments.
The IFoA recognises that environmental issues are fundamental to a responsible business strategy. As an action-oriented, forward-looking global organisation we are committed to adopting sustainable business practices for the benefit of society and to secure the future of the planet.
The following details our emissions from 2019 to 2022 and our total carbon footprint in 2022.
| Scope | 2019 (tCO2e) | 2020 (tCO2e) | 2021 (tCO2e) |
2022 (tCO2e) |
Difference to date |
|---|---|---|---|---|---|
| Scope 1: direct emissions | 15 | 11 | 16 | 16 | 6.67 |
| Scope 2: indirect emissions (location based) | 167 | 125 | 45 | 52 | -68.86% |
| Scope 3: other indirect emissions (excluding investments) | 4,231 | 1,508 | 1,383 | 1,670 | -60.53% |
| Total (excluding investments) | 4,413 | 1,644 | 1,444 | 1,738 | -60.62% |
Scope 1 has included an increase as we have started our transition plan within our property strategy. This will subsequently decrease with results showing in 2024 and 2025 data.
| Average | 2019 (tCO2e) | 2020 (tCO2e) |
2021 (tCO2e) |
2022 (tCO2e |
|---|---|---|---|---|
| Average number of members | 33,360 | 34,107 | 34,524 | 34,625 |
| Average (TCO2e) per member | 0.13 | 0.05 | 0.04 | 0.05 |
| Average number of employees | 168 | 171 | 162 | 158 |
| Average (TCO2e) per employee | 26.27 | 9.61 | 8.91 | 11 |
Our total carbon footprint in 2022 by source (excluding investments) is:
*In other sources, our carbon footprint is:
The impact of the pandemic has driven changes to our emissions by the nature of our changing work practices.
From 2019 to 2022, our emissions fell from 4,413 to 1,738 tCO2e, a drop of over 60%.
We are developing a carbon management plan to embed sustainability across the IFoA. The aim is to encourage sustainable behaviour change and educate the workforce.
Being able to track emissions year on year and forecasting will be part of our carbon management approach. This will be reflected in our data collection and additional sustainability changes that impact practices less visible within the data collection process.
Working with the Executive, the IFoA’s Sustainability Board and Professional Bodies Climate Action Charter will support the IFoA’s continued work towards net zero.