Mutual life, pensions and investments provider Royal London has committed to net zero carbon emissions across its investment portfolio by 2050.

The provider said it will reduce its carbon equivalent emissions from its investment portfolio by 50% by 2030, whilst also developing climate solutions that enable customers to invest in the low carbon transition.

The firm has also committed to net zero direct operational emissions by 2030.

The provider said the move shows it is committed to actions which will help protect consumers’ standard of living and not just focus on product outcomes.

Barry O’Dwyer, the firms group chief executive, said: “We all want to spend our lives in a climate where our homes aren’t put at risk by extreme weather events and we have access to sustainable sources of food. So customers’ money must be invested responsibly in a way that supports the changes needed to protect the planet.

“This is not the time to be passive. The biggest way Royal London can make a difference in the fight against climate change is through an active investment approach. We are engaging with the largest carbon emitters in our investment portfolio to influence their behaviours and to ensure they have ‘Just Transition’ plans in place that consider the impact the changes will have on society.”

The firm said it will also be calling for decisive collective action, asking regulators to consider climate change alongside product outcomes and the government to promote policies that reward those who act responsibly and do the right thing. It plans to work with others to provoke action at the scale and pace needed to overcome the challenges.

Mr O’Dwyer said: “We are mutually responsible for delivering a good standard of living for this and future generations.”

Earlier this week, workplace pensions provider NOW: Pensions also said it is to commit to net zero carbon emissions by 2050 and an expanded sustainable investment strategy in a major shift towards ESG investments.