28 Pension Protection Fund Climate Change Report 2021/22 Our aspirations for the coming year We will continue to work on expanding and deepening our climate-related risk coverage, to align our portfolio to be resilient to (and supportive of) plans to keep global warming within 1.5°C. We will engage with our investment managers, issuers and other stakeholders to keep advancing standards so that we can all fully understand and manage the risks we face. Continue to work with our managers to improve Continue to integrate Continue to work to Engage with our managers, issuers and public their climate disclosures in line with our own our focus on 1.5°C global report on and reduce the policy-makers to explore ways to improve level evolving reporting requirements and industry-led warming limits across all PPF’s own operational and quality of climate risk data disclosure for standardisation initiatives and science-based targets our investment, analysis environmental impact and reporting activities, sovereigns and credit including pre-investment due diligence Using the 昀椀ndings from our Portfolio Paris Continue to work Alignment Project, develop a strategy to with industry engage with the subset of portfolios, sectors initiatives including and companies identi昀椀ed as our highest Climate Action 100+, priority engagement targets IIGCC, the CDP Non- Disclosure Campaign and others to drive action among major Work with our managers, especially in real carbon emitters assets, to explore how to improve physical and adaptation risk analysis Develop a holistic sustainability Continue to work with our Alternatives strategy as part of the PPF’s managers and support the eFront three-year Strategic Plan Outreach project to improve climate data disclosure in unlisted markets