Our commitment to sustainability

21 September 2022

We’ve been committed to supporting environmental, social and governance (ESG) issues through the Scheme’s investments for more than a decade. We believe it plays a key part in providing security for your pension because investments where ESG is considered are more likely to perform well over a long period and carry less risk.

More recently, it has become clear that pension funds have a crucial role in being able to make progress towards tackling these issues. As a large pension scheme, with more than £10 billion in assets, we want to be a leading example and encourage other schemes, our investment managers, advisers and suppliers to do the right thing.

Last year, we set up the Environmental, Social and Governance Committee (ESGC) to explore the risks and opportunities within ESG and make recommendations to the Trustee Board.

A key focus for the ESGC has been measuring the Scheme’s impact on the climate and the impact that climate change may have on the Scheme. This work led us to announce our net zero greenhouse gas emissions target and produce our first Climate Change Report.


In March 2022, we committed to an ambitious 2040 net zero greenhouse gas emissions target, with the aim of cutting the Scheme’s carbon emissions in half by 2030. We chose this target because we believe we can and should strive to do more to achieve better outcomes.

M&S has chosen the same target. We plan to work together to share knowledge and resources to help us reach our goals.



In July 2022, we published our first Climate Change Report. It provides more information about our journey to net zero and the steps we’ve taken so far. It also tells you about the risks and opportunities that climate change may present and how we can protect the Scheme from its effects.

We’ll be reporting on our progress annually so you can follow how we’re working towards our goals.

Our Sustainability page contains information about our approach.


Making the Scheme net zero will involve looking at the carbon produced by everything we do to run the Scheme and working out how to reduce it, remove it or offset it.

You can play a part in reducing the carbon which the Scheme produces by choosing to receive your communications digitally. You just need to register for the M&S Pension Scheme Portal which will update your communications preference automatically.