Legal and General Group

Carbon per million dollars of revenue. The legacy industry-standard reference (CDP, MSCI). Useful for cross-sector context, but distorted by margin — high-margin firms appear artificially efficient. Read alongside the operational and asset intensities for the full picture.

OpEx (operating expenditure) is the running cost of the business — staff, services, energy, materials. This shows how carbon-intensive operations are per million dollars of spend. Removes the margin distortion that revenue-based ratios introduce.

EVIC (Enterprise Value Including Cash) is the firm's total capital footprint — equity + debt + cash + minority interest. The EU's standard intensity measure (SFDR PAI 3) — answers: how much carbon does each million of capital deployed in this business produce?

PP&E (Property, Plant & Equipment) plus leased real-estate assets is the firm's physical infrastructure on the balance sheet. This shows the carbon intensity of that physical footprint — uses Scope 1+2+3 for consistency with the other headline intensities. Surfaces stranded-asset risk for asset-heavy firms.

L&G completed the final close of the L&G NTR Clean Power (Europe) III Fund with total commitments of over €600 million, investing in clean power infrastructure across Europe with potential to generate 1,631 GWh of clean energy annually. L&G also made a $50 million investment in Landsvirkjun to expand access to high-quality renewable energy assets. The Managed Property Fund is increasing utilisation of renewable energy sources through electrification projects. L&G's operations in Manchester moved to all-electric technology as part of the drive to phase out landlord gas.

L&G launched the Pudding Wood project, a 155-hectare forestry and habitat creation site near Gatwick Airport, designed to sequester approximately 25,000 high-integrity carbon credits and plant up to 140,000 native trees. The project serves as a test case for high-quality carbon removals to support L&G's net zero ambitions, and is intended to demonstrate how nature-based solutions can be scaled across the UK to address climate change and nature loss.

• Operational decarbonisation: electrification and energy efficiency of occupied offices

  L&G is decarbonising its operations by eliminating gas use across its property portfolio, targeting phase-out of all landlord gas by 2030. In 2025, One Piccadilly Gardens in Manchester was fully electrified with air and water source heat pumps, delivering projected savings of 110 tCO2e annually and improving the EPC rating from D to B. The Group manages its business in accordance with ISO 14001 certification and applies an SBTi-aligned target of 42% absolute reduction in Scope 1 and 2 by 2030 from a 2021 base.

• Investment portfolio decarbonisation: reducing financed emissions intensity

  As asset owner, L&G targets a 50% reduction in investment portfolio GHG emission intensity by 2030 from a 2019 base year, aligned with the 1.5°C Paris objective. The Group deploys portfolio decarbonisation targets, integrates carbon controls into investment processes through stock exclusions and high-carbon escalation, and engages with investee companies. In 2025, investment portfolio economic GHG emission intensity was 51 tCO2e/£m, broadly in line with the decarbonisation trajectory.

• Business travel reduction via hybrid working

  L&G will use hybrid working practices and technology to actively reduce the business miles travelled, in line with its net zero commitment.

• Circular economy: waste minimisation and design-out

  L&G aims to minimise and design out waste through careful implementation of circular economy principles across its operations and the spaces it creates and occupies.

• Asset management stewardship: driving net zero alignment across £1.2tn AUM

  L&G's Asset Management business targets 100% of AUM in alignment with net zero by 2050 and 70% of AUM by 2030. The Climate Impact Pledge (CIP) covers 56% of corporate securities by value and 80% of carbon emissions attributable to corporate and equity holdings. In 2025, 80% of AUM was aligned with the CIP. The Group drives greater action on financially material climate and nature risks in the real economy consistent with fiduciary duty, and works with industry bodies to develop approaches to climate investing and net zero targets.

• Supply chain decarbonisation: requiring science-based targets from suppliers

  L&G targets 80% of suppliers (by spend) to have set a science-based carbon reduction target by end of 2026. By end of 2025, this had increased from 68% to 76%. The Group's procurement framework integrates sustainability criteria into sourcing decisions, including weighted criteria in the preferred supplier process. In 2025, L&G hosted its inaugural Supplier Sustainability Summit with top 50 suppliers.

• Real estate investment: building net zero carbon in operations and low-carbon construction

  L&G invests in homes and commercial properties with the aim of enabling net zero carbon in operation, targeting enhanced returns from net zero-enabling properties. The Life and Mind Building in Oxford (£200m, opened 2025) holds a BREEAM Excellent rating and incorporates low-carbon technologies to achieve net zero carbon in operation by 2030. L&G's Future World Infrastructure fund targets a 50% initial reduction in carbon intensity. The Group also conducts physical risk assessments and integrates climate resilience into investment due diligence.

• Sustainable procurement across supply chain

  L&G commits to protecting natural resources through implementation of sustainable procurement principles throughout its supply chain, and seeks to exert influence on indirect environmental impacts from procurement of goods and services.

• Investment decisions and biodiversity influence

  L&G seeks to understand and shape the biodiversity impacts of its investments, and to exert influence on indirect environmental impacts resulting from investment decisions — relevant to financed emissions (Scope 3 Cat 15).