Contents Executive summary 3 Progress at a glance 2020/21 4 Our commitment to the TCFD 5 Governance 6 RI governance at the PPF 6 Upholding our RI strategy 6 Strategy and risk management 7 Our climate-related risks and opportunities 7 The impact of climate on our strategy 7 How we assess the risks 7 Managing climate-related risks across the PPF 8 Summary of our progress across all asset classes 9 Metrics and targets 11 Absolute carbon emissions 11 Carbon footprint metrics 11 Relative carbon intensity 12 High carbon-impact sectors 13 Disclosure rates and data quality 13 Exposure to fossil fuel activities 14 How we calculate forward-looking scenario analysis 15 Our aspirations 16 Appendices 17