Potential offtaker

Phoenix Group Holdings plc


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Phoenix Group Holdings plc is a leading life insurance company based in the United Kingdom. The company has a rich history dating back to 1857, when it was founded as the Pearl Assurance Company. Since then, it has grown significantly through a series of mergers and acquisitions, and today it is one of the largest life insurance companies in Europe.

Phoenix Group Holdings plc operates in the life insurance sector, providing a range of products and services to customers across the UK and Europe. The company's core business is the acquisition and management of closed life insurance funds, which it does through its two main subsidiaries: Phoenix Life Limited and Phoenix Life Assurance Limited.

In recent years, Phoenix Group Holdings plc has become increasingly focused on decarbonisation and renewable energy. The company recognises the importance of reducing its carbon footprint and has set ambitious targets to achieve this. In 2019, Phoenix Group Holdings plc committed to achieving net-zero carbon emissions by 2050, in line with the Paris Agreement.

To achieve this goal, Phoenix Group Holdings plc has implemented a number of initiatives focused on reducing its carbon footprint. One of these initiatives is the implementation of a corporate energy strategy, which aims to reduce the company's energy consumption and increase its use of renewable energy sources. As part of this strategy, the company has invested in a range of renewable energy projects, including wind, solar, and hydroelectric power.

In addition to investing in renewable energy projects, Phoenix Group Holdings plc has also implemented a corporate power purchase agreement (PPA) strategy. A PPA is a long-term agreement between a company and a renewable energy provider, in which the company agrees to purchase a certain amount of renewable energy at a fixed price. By entering into PPAs, Phoenix Group Holdings plc is able to secure a reliable and cost-effective source of renewable energy, while also supporting the growth of the renewable energy sector.

One example of a corporate PPA implemented by Phoenix Group Holdings plc is the agreement it signed with ScottishPower Renewables in 2019. Under this agreement, Phoenix Group Holdings plc agreed to purchase 100% of the electricity generated by the 50MW Windy Rig wind farm in Scotland. This is expected to provide Phoenix Group Holdings plc with around 200GWh of renewable energy per year, which is equivalent to the electricity consumption of around 40,000 homes.

In addition to its focus on renewable energy, Phoenix Group Holdings plc is also committed to reducing its carbon footprint through a range of other initiatives. For example, the company has implemented a range of energy efficiency measures across its operations, including the installation of energy-efficient lighting and heating systems. It has also implemented a range of waste reduction and recycling initiatives, and has set targets to reduce its water consumption.

Overall, Phoenix Group Holdings plc is a leading life insurance company that is committed to reducing its carbon footprint and supporting the transition to a low-carbon economy. Through its focus on decarbonisation, corporate energy, corporate PPAs, and renewable energy, the company is taking a proactive approach to addressing the challenges of climate change and ensuring a sustainable future for generations to come.

✓ Science Based Targets member
✓ Declared Net Zero commitment